Nio stock falls after downbeat China auto sales data, Tesla shares also take a hit

Share of China-based electric vehicle maker Nio Inc.
NIO,
-4.93%
sank 3.5% in premarket trading Monday, after data showing that China’s car sales fell for the eighth straight month in January. the China Passenger Car Association said January retail sales of passenger cars declined 4.4% from a year ago, and said sales are expected to remain sluggish in February, as COVID-19 outbreaks and a slowing economy weigh on demand. Among other China-based EV makers, shares of Xpeng Inc.
XPEV,
-4.24%
fell 2.4% and Li Auto Inc.
LI,
-4.19%
dropped 2.8%. Tesla Inc.’s stock
TSLA,
-4.93%
shed 2.0% premarket, as the U.S.-based EV leader had $13.84 billion revenue from China in 2021, or 25.7% of total revenue. The stocks’ declines come on a weak day for the broader stock market, with futures
ES00,
-0.69%
for the S&P 500
SPX,
-1.90%
shedding 0.8%.