the uslisted shares of chinabased nio inc nio slid 22 toward a 5week low in premarket trading thursday after tumbling 105 over the previous two sessions as a disappointing earnings report from rival electric vehicle maker tesla inc tsla acted as a drag after unveiling another round of price cuts wednesday morning tesla indicated after wednesday’s close that it would sacrifice some profit on each car sold to sell more cars which suggests increased competition for rival ev makers among other chinabased ev makers shares of xpeng inc xpev slumped 29 premarket after shedding 136 over the past two days and li auto inc’s stock li sank 43 after losing 57 the past two sessions meanwhile tesla’s stock dove 79 toward a threemonth low premarket the selloff in the ev maker shares comes as the ishares msci china exchangetraded fund mchi slipped 03 ahead of the open and futures es00 for the sp 500 spx declined 08