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Investing.com-- Shares of Chinese electric vehicle makers dropped on Friday after Tesla (NASDAQ:TSLA) reported stronger-than-expected quarterly deliveries, fuelling concerns over intensifying global competition.
Tesla said on Thursday it delivered 497,099 vehicles in the third quarter, beating analysts’ estimates and rising 7.4% from a year earlier. However, Tesla shares fell as the result was boosted by a wave of U.S. customers seeking to benefit from expiring federal tax credits.
The company started delivering its new six-seat Model Y variant in China in September in a bid to lift sales in its largest overseas market.
Tesla’s strong performance raised concerns that the U.S. carmaker could recapture some market share globally, while Chinese manufacturers struggle amid domestic competition and price wars.
BYD Co (HK:1211) shares led losses in Hong Kong trading, dropping nearly 5% on Friday. Shares of NIO Inc (HK:9866) fell 2%, while Xpeng Inc (HK:9868) stock dropped 4%.
Both Geely Automobile (HK:0175) and Li Auto Inc (HK:2015) stocks declined more than 3%.