Shares of Nio Inc. NIO, -8.30% dropped 5.7% in premarket trading Tuesday, to buck the rally in the broader stock markets, as Tesla Inc.’s TSLA, -11.41% extension of its production suspension at its Shanghai plant appeared to weigh on China-based electric vehicle makers.
The stock’s selloff puts it on track to open at the lowest prices seen since Nov. 28. Among other China-based EV makers, shares of XPeng Inc. XPEV, -2.58% shed 1.2% and Li Auto Inc. LI, -1.23% sank 2.1%, while Tesla’s stock gave up 4.8%. Meanwhile, futures ES00, -0.06% for the S&P 500 SPX, -0.40% rose 0.5%, while the Shanghai Composite Index SHCOMP, +0.98% jumped 1.0% overnight.