Chinese EV stocks drop as Tesla earnings, guidance disappoint
Nikada
Chinese electric vehicle stocks fell on Thursday after Tesla's (TSLA) Q3 results and guidance disappointed investors on Wednesday.
BYD (OTCPK:BYDDF) and Li Auto (NASDAQ:LI) fell ~4% each on the Hong Kong exchange. XPeng (XPEV) declined 9%, while Nio (NIO) was down 8%. CATL, Tesla's (TSLA) Chinese battery supplier, also fell 1% in Shenzhen trade.
U.S.-based EV rivals Lucid Motors (LCID) and Rivian Automotive (RIVN) fell ~9% on Wednesday prior to Tesla's (TSLA) earnings report, following which they marginally rose in aftermarket trade. This was Lucid's (LCID) second straight day of losses, as the company had reported lower deliveries on Tuesday. 
This was Tesla's (TSLA) first profit and revenue miss since Q2 2019. The EV maker witnessed tight margins, but maintained its full-year delivery expectations.
Adding to Tesla's (TSLA) woes, CEO Elon Musk warned that it would take 12-18 months before the battery-powered Cybertruck is a significant positive cash flow contributor. The warning pushed the stock down 4.2% after the bell on Wednesday.
The ongoing price war in the EV market keeps getting intense, with each player trying to gain more market share with price curbs. Tesla (TSLA) had slashed the prices of various models in China over the last few months.

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