Yahoo Finance markets contributor Remy Blaire examines the performance of EV stocks, including XPeng, Tesla, Nio, and Li Auto.
SEANA SMITH: EV shares under pressure today, driven lower by Chinese company XPeng. Yahoo Finance contributor Remy Blaire is on the floor of the New York Stock Exchange with the details, Remy.
REMY BLAIRE: Well, as you mentioned, we're seeing shares of XPeng lower in New York afternoon trade, but shares are well off session weakness. Earlier in the session at the open we saw shares of XPeng tumble by as much as 16%. And this does come as the EV maker based in China reported earnings that missed expectations.
First quarter sales were off by a whopping 46% year over year, with the company losing precious pennies for each vehicle that it sold. Also, losses were increased by 38% year over year for the company's bottom line. Now, its demand outlook also weighed on shares of the automaker projecting a year over year decline in second quarter deliveries as well as revenues. The company says that second quarter deliveries could fall by as much as 39% year on year.
And as you mentioned, we did see shares of other EV makers tumble today, but some have been reversing earlier weakness. Tesla shares are lower, snapping recent winning streak of five days. While Shanghai, China-based NIO fell to three-week lows. Earlier in this session, we saw Beijing-based Li Auto open lower. But now they have turned slightly higher in New York afternoon trade.
While for XPeng, we are expected to see deliveries of its G6 SUV at the end of this quarter. And its models are expected to come off the production line this week. Now, only time will tell whether sales of the new SUV affect XPeng in the second half of this year.
SEANA SMITH: All right, Remy Blair, thanks so much.