Chinese EV stocks drop as Tesla's earnings miss, General Motors delays EV plans

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.

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."on hold the production of its Cruise Origin autonomous vehicle, and that it was making efforts to restructure a joint venture in China with SAIC

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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