Shares of China's electric vehicle companies mostly dropped on Wednesday after U.S. giant Tesla's earnings fell short of analyst estimates.
Hong Kong-listed shares of Xpeng lost as much as 5.74% while Nio's stock tumbled 5.26% on Wednesday. Li Auto's shares dropped 3.8% while BYD slid 2.6%.Separately, General Motors on Tuesday said it was delaying further a second U.S. electric truck plant and the Buick brand's first EV.
Spectators are looking at BYD Song L electric cars at the 21st Changchun International Automobile Expo in Changchun, Jilin province, China, on July 17, 2024. In the U.S., shares of Xpeng and Nio closed 6.67% and 4.48% lower respectively on Tuesday.CEO Elon Musk said in the firm's earnings call on Tuesday that Tesla will host a robotaxi unveiling event on Oct. 10, after originally saying the event would take place on Aug. 8.
When asked about the timeline of "the first robotaxi ride," Musk said he would be "shocked if we cannot do it next year." He also noted that his predictions have been "overly optimistic in the past."Investors were spooked by the pullbacks in growth businesses and General Motors' shares closed 6.42% lower on Tuesday despiteTesla has 'a lot to prove' if it's positioning itself as an AI company, says fmr.
The EV industry is facing a reality check, after years of buzz which saw automakers putting out optimistic sales forecasts for EV models and announcing ambitious growth targets.
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