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Stock impact report

COVID lockdowns hurt China's EV makers too—but they fared far better than Tesla [Fortune]

Li Auto Inc. - American Depositary Shares (LI) 
Company Research Source: Fortune
The EV maker pointed to the harsh months-long COVID in Shanghai that halted production at its local Gigafactory as a reason for the slowdown. Tesla's Chinese rivals are showing signs of a broader market downturn too, though their drops in deliveries and sales growth were milder than Tesla's 18% plunge, likely because they have production sites in cities that weren't completely shuttered by COVID. Last week, New York-listed a 3% decline in sales for the second quarter, delivering 25,059 units in the three months to June, down from 25,768 in the previous quarter. Li Auto, which debuted on in July 2020, 28,687 units sold in Q2, down 10% from the first quarter's 31,716. Meanwhile Guangzhou-based Xpeng, also listed on the NYSE, 34,422 units in the second quarter, down 0.4% from the previous quarter. Nio, which is headquartered in Shanghai, has its main manufacturing site in Anhui province, on China's east coast. Xpeng produces vehicles in Guangdong, close to Hong Kong, and Li Auto ma Show less Read more
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