Chinese EV stocks fell on Thursday after Tesla reported disappointing third-quarter results on Wednesday, where the electric vehicle maker missed earnings and revenue estimates. Hong Kong-listed shares of major Chinese EV companies like BYD, XPeng, Li Auto, Nio, and Geely dropped between 2-8% on Thursday morning. EV makers are under pressure to cut prices and gain market share amid intense competition in the global EV industry. Tesla and Chinese rivals have lowered starting prices for some models. Musk said it will be much harder for consumers to purchase cars if interest rates increase further. Tesla shares closed nearly 4.78% lower on Wednesday.
