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Tesla, Nio stocks fall as Li Auto deliveries warning, Evergrande fears weigh

Shares of China-based electric vehicle makers, and of Tesla Inc.
TSLA,
-3.69%
,
took a hit ahead of Monday’s open, amid a one-two punch of Li Auto Inc.’s
LI,
-6.91%

warning of a deliveries miss and worries that real estate developer China Evergrande Group
EGRNY,
-23.39%

3333,
-10.24%

could default this week. Shares of Nio Inc.
NIO,
-6.20%

sank 4.0% toward a four-month low, Xpeng Inc.
XPEV,
-5.92%

slid 4.4% and Li Auto shed 5.7%. Tesla’s stock slumped 2.8%, putting them on track to snap a four-day win streak. Tesla recorded $5.90 billion in revenue from China in the first six months of 2021, or 26.4% of total revenue, after recording $2.30 billion in China revenue, or 19.1% of the total, in the same period in 2020. Earlier, Li Auto cut its third-quarter deliveries guidance to 24,500 from 25,000 to 26,000, as the slower-than-expected recovery in semiconductor supplies hampered results. And worries over a potential Evergrande default sent global equity markets reeling, as the iShares MSCI China ETF
MCHI,
-3.87%

dropped 3.3% and futures
YM00,
-2.14%

for the Dow Jones Industrial Average
DJIA,
-2.02%

sank 646 points, or 1.9%.

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