Nio, XPeng stocks bounce, after falling more than 20% amid 5-day losing streaks

Shares of Nio Inc. NIO, +0.39% 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, -0.17% for the S&P 500 SPX, -0.33% rose 0.5%, and after the Shanghai Composite SHCOMP, +1.53% jumped 1.5%. Shares of fellow China-based electric vehicle maker XPeng Inc. XPEV, +1.49% 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, +3.61% 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, +0.34% 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.