At press time, Nio was down 3.4 percent, Xpeng was down 3.45 percent and Li Auto was down 4.96 percent.

Electric vehicle (EV) stocks traded in Hong Kong fell in early trading Tuesday, as the market as a whole suffered a sell-off.

At press time, Nio (NYSE: NIO, HKG: 9866) was down 3.4 percent, Xpeng Motors (NYSE: XPEV, HKG: 9868) was down 3.45 percent, Li Auto (NASDAQ: LI, HKG: 2015) was down 4.96 percent and BYD (OTCMKTS: BYDDY, HKG: 1211) fell 1.44 percent.

Hong Kong's Hang Seng Index fell 0.5 percent, while the Hang Seng Tech Index dropped 1.15 percent.

Hong Kong stocks were closed on Monday because of the Labor Day holiday, and China's A-shares were closed on Monday and Tuesday due to the holiday.

On Sunday, China's major EV makers released March data showing that deliveries fell across the board because of Covid.

But the performance seemed to be expected, as shares of Nio, Xpeng and Li Auto, which are also traded in the US, rose Monday, up 4.79 percent, 3.17 percent and 4.01 percent, respectively.

Nio delivered 5,074 units in April, down 49 percent from March, Xpeng delivered 9,002 units, down 42 percent from March, and Li Auto delivered 4,167 units, down 62 percent from March.

These figures show that compared to March, Xpeng performed the best, Nio followed and Li Auto performed the worst. This also puts the Nio back ahead of the Li Auto in deliveries for the first time since last September.

Sales of Fab 5 EV makers - Nio, Xpeng, Li Auto, Zeekr and Neta - were weak as expected in April, seeing a huge impact from Covid lockdowns, Deutsche Bank analyst Edison Yu's team said in a research note sent to investors on Monday.

The team expects some spillover effects in May, which is associated with suppliers slowly returning to production, and June could be the first "normal" month, provided Covid conditions return to normal.

For Nio, there were some interesting developments to note over the Labor Day holiday.

A mule car suspected to be Nio's new ES8 was revealed, according to Weibo car blogger @肉肉爸比ev, who has posted accurate information about the EV maker's new products on several occasions, on May 1.

There are rumors that the model, codenamed Aries, could be an ES8 model based on Nio's NT 2.0 platform. In addition, Nio is planning several other models, including the EC7 and a hunting car version of the ET5, according to the blogger.

For Xpeng and Li Auto, there was no news about them during the holidays, except for the delivery figures.

Deutsche Bank on China EV deliveries: April weak as expected due to Covid, expect May recovery