Nio, XPeng shares recover, after dropping more than 20% amid 5 consecutive days of decline

Shares of Nio Inc.
NIO,
-3.39%

rose 3.1% in pre-market trading on Wednesday, a five-month low in the previous session, as part of a broader market rally in the US and China. Shares of Nio closed Tuesday at their lowest price since May 11, after falling 23.3% in a five-day losing streak. The recovery comes as the futures contract
ES00,
+0.66%

for S&P 500
SPX,
-0.65%

up 0.5% and after Shanghai Composite
SHCOMP,
+ 1.53%

increased by 1.5%. Shares of electric vehicle maker XPeng Inc., based in China.
XPEV,
-1.36%

rose 3.9% in money markets on Wednesday, after falling 21.5% in a five-day losing streak to close Tuesday at a record low, while shares of Li Auto Inc.
LI,
+ 3.58%

up 4.7%. Li’s shares rose 3.6% on Tuesday, after falling 22.8% in the previous four days. Meanwhile, shares of US-based EV giant Tesla Inc.
TSLA,
-2.90%

rose 0.9% in money markets on Wednesday, after falling 13.2% amid a five-day bearish streak to close Tuesday at a 4-month low. Tesla generated 22.4% of its total second-quarter revenue of $16.93 billion from China.