Electric vehicle (EV) stocks have been under pressure for several months, and the start of the year just continued that trend. That was especially true for Chinese EV names (NYSE: NIO), XPeng (NYSE: XPEV), and Li Auto (NASDAQ: LI). Over the past six months, those stocks are all down by between 39% and 64%.

Returns in January contributed heavily to those declines. For the month Nio shares lost 38%, XPeng plunged 42.9%, and Li Auto lost 26%. according to data provided by S&P Global Market Intelligence.

Some of those January results even came after the three Chinese upstarts reported record deliveries in December 2023. The three combined to deliver nearly 88,500 units, a third consecutive monthly record. Investors decided to sell the news, though.

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Source Fool.com