Shares of Li Auto Inc. fell further Wednesday, quickly reversing course after the Beijing-based company reported a monthly record of deliveries in November, as the stocks of other China-based electric vehicle makers also continued pulling back.
Li Auto’s stock
dropped 2.9% in premarket trading, erasing an earlier gain of as much as 5.1%. That puts it on track to add to the four-day streak of losses through Tuesday, in which it tumbled 20.7%, since closing at a record $43.96 on Nov. 24.
The company reported late Tuesday that it delivered 4,646 Li ONE SUVs, up 25.8% from October.
Li Auto, which started production of the Li ONE in November 2019, and went public on July 30, has now delivered 26,498 vehicles year to date, including 8,660 vehicles in the third quarter, up 31.1% from the second quarter.
As of Nov. 30, Li Auto had 45 retail stores across 38 cities in China, and 97 servicing centers and body and paint ships in 72 cities.
Meanwhile, the shares of other EV makers based in China kept falling, despite upbeat delivery data.
Nio Inc.’s stock
dropped 6.6% ahead of Wednesday’s open, after slumping 16.0% over the past two days, and XPeng Inc. shares
fell 5.3%, after shedding 18.5% the past two days.
The selloffs were suffered even after Nio reported November deliveries that more than doubled from a year ago and XPeng reported a more-than quadrupling in monthly deliveries.
Despite the recent pullbacks, shares of Nio have still skyrocketed 1,028.4% year to date through Tuesday. XPeng shares, which started trading on Aug. 27, have run up 148.3% over the past three months and Li Auto’s stock has advanced 95.1% over the same time.
What could also be weighing on investor sentiment, the U.S. House of Representatives is scheduled to consider a measure over whether China-based companies with stocks listed in the U.S. would be required to undergo audits reviewed by regulators or risk be delisted.
Elsewhere, Kandi Technologies Group Inc. shares
sank 6.0% ahead of Wednesday’s open. The stock has plunged 40.9% over the past three sessions, as short seller Hindenburg Research took aim at the China-based maker of electric cars and battery packs.
On Tuesday, the company responded by saying it believed the Hindenburg report contained “numerous errors, misstatements of historical facts, inaccurate conclusions and superfluous opinions.”
Shares of China Automotive Systems Inc.
declined 5.8% premarket, after tumbling 17.3% on Tuesday. The stock had soared 174.2% on Monday, after an upbeat report on deliveries of its power-steering products for use in EVs in China.