At press time, Nio was down 12.41 percent, Xpeng was down 9.4 percent, Li Auto was down 3.61 percent and BYD was down 3.02 percent.

Shares of electric vehicle (EV) makers trading in Hong Kong plunged in early trading after they were sold off in the US overnight.

As of press time, Nio (NYSE: NIO, HKG: 9866) was down 12.41 percent, Xpeng Motors (NYSE: XPEV, HKG: 9868) was down 9.4 percent, Li Auto (NASDAQ: LI, HKG: 2015) was down 3.61 percent and BYD (OTCMKTS: BYDDY, HKG: 1211) fell 3.02 percent.

Hong Kong markets were lower overall, with the Hang Seng Index down 2.85 percent and the Hang Seng Tech Index down 4.38 percent. Shares of major tech companies, including Alibaba and Meituan, were also sold off.

The poor performance comes after one of the worst sell-offs in the past two years in the US stock market overnight.

The Nasdaq Composite Index fell 4.99 percent on Thursday and the Dow Jones fell 3.12 percent, their worst one-day performances since November 2020.

Shares of Chinese companies also suffered a broad sell-off, with the Nasdaq Golden Dragon China Index (INDEXNASDAQ: HXC) down 7.72 percent Thursday, Nio down 15.17 percent in the US Thursday, Xpeng down 13.51 percent and Li Auto down 8.14 percent.

There seems to be no obvious reason behind this, or perhaps because investors changed their minds about the Fed's dovish approach the day before.

The Fed announced a 50 basis point rate hike on Wednesday, and Fed Chairman Jerome Powell made it clear that the Federal Open Market Committee was not considering a 75 basis point range of rate hikes. This boosted investor confidence, and US stocks moved higher on Wednesday.

On May 4, the US Securities and Exchange Commission (SEC) updated its list to show that Nio, Xpeng and 86 other companies were added to the list of companies that are facing possible delisting.

Nio subsequently said that it will continue to comply with applicable Chinese and US laws and regulations and work to maintain its listing status on the New York Stock Exchange and Hong Kong Stock Exchange.

Nio has been actively exploring possible solutions to protect the interests of its stakeholders, it said.

Earlier Friday, Nio announced that it will list by way of introduction in Singapore and has received a conditional listing eligibility letter from the local exchange.

NIO announces plan for secondary listing in Singapore, secures preliminary approval