Chinese EV Stocks Get Hammered Again. What’s Wrong? Everything.

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Shares of U.S.-listed Chinese electric-vehicle producers were tumbling again Monday, leaving shareholders reeling. A couple of issues seem to loom larger in investors’ minds than others, but there is a lot going wrong right now, and most of it is beyond the control of the companies.

Shares of NIO (NIO), XPeng (XPEV) and Li Auto (LI) were down 6.7%, 8% and 16%, respectively, in trading Monday. The shares fell down despite a U.S. stock market rally. The S&P 500 was up 0.4%. The Dow Jones Industrial Average has added almost…