Shares of Nio Inc.
NIO,
bounced 3.1% in premarket trading Wednesday of a five-month low in the previous session, as part of a broader market rally in the U.S. and China. Nio’s stock had closed Tuesday at the lowest price since May 11, after plunging 23.3% during a five-session losing streak. The bounce comes as futures
ES00,
for the S&P 500
SPX,
rose 0.5%, and after the Shanghai Composite
SHCOMP,
jumped 1.5%. Shares of fellow China-based electric vehicle maker XPeng Inc.
XPEV,
rallied 3.9% in Wednesday’s premarket, after tumbling 21.5% during a five-day losing streak to close Tuesday at a record low, while Li Auto Inc. shares
LI,
hiked up 4.7%. Li’s stock had bounced 3.6% on Tuesday, after falling 22.8% the previous four-days. Meanwhile, U.S.-based EV giant Tesla Inc.’s stock
TSLA,
rose 0.9% in Wednesday’s premarket, after slumping 13.2% amid a five-day losing streak to close Tuesday at a four-month low. Tesla generated 22.4% of its total second-quarter revenue of $16.93 billion from China.