After releasing their January delivery numbers, shares of Chinese electric vehicle companies Nio, Li Auto, and Xpeng all opened higher before falling Tuesday.

NIO reported that it delivered 9,652 vehicles in January, up 33.6 % year over year, but down from the 10,489 vehicles shipped in December.

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Meanwhile, competitor XPeng delivered over 10,000 vehicles for the fifth month in a row, with 12,922 vehicles delivered in January, down from 16,000 electric vehicles shipped in December.

Li Auto delivered 12,268 Li ONEs in January, up 128.1 % from the previous month but down from 14,087 in December.

XPeng shares reached a high of $36.81 per share, while NIO surged to $24.89 per share and Li Auto reached $27.11 per share. However, after each stock made substantial gains Monday, probably in anticipation of positive delivery statistics, the impetus has faded, and the gains have been lost, as well as more. NIO has taken the largest hit, falling 3.75 %, probably because the firm fell further behind its competitors in terms of delivery.

Overall, the reduced month-over-month numbers can be explained by China's 30 % reduction in EV subsidies in January, as well as the companies' struggles with semiconductor chip shortages.