After Tesla's earnings miss and General Motors' delay in EV plans, Chinese EV stocks experience a drop.

• On Wednesday, Xpeng's Hong Kong-listed shares dropped by 5.74%, while Nio's stock tumbled by 5.26%. Li Auto's shares fell by 3.8%, and BYD's stock slid by 2.6%.
• Tesla reported a second consecutive quarterly decrease in revenue, amounting to a 7% drop to $19.9 billion, on Tuesday.
• On Tuesday, General Motors announced that it was postponing the launch of a second U.S. electric truck plant and the first electric vehicle under the Buick brand.

On Wednesday, shares of major Chinese electric vehicle companies decreased due to the disappointing earnings of a U.S. giant and the delay of its EV plans.

On Wednesday, Hong Kong-listed shares of lost as much as 5.74%, while 's stock tumbled as much as 5.26%.

On Wednesday, the stock prices of , , and dropped by 3.1%, 5.34%, and 1.02%, respectively, while 's shares dropped by 3.99%.

On Tuesday, Xpeng and Nio's shares in the U.S. closed 6.67% and 4.48% lower respectively.

The hype surrounding EVs has decreased, as automakers such as Tesla and General Motors have scaled back or delayed their EV plans.

Tesla reported a 7% decline in revenue to $19.9 billion in the second quarter, compared to $21.27 billion in the same period last year. Tesla shares ended the day down 2.04%.

Tesla will reveal its robotaxi on Oct. 10, instead of the previously announced date of Aug. 8, as CEO Elon Musk stated in the firm's earnings call on Tuesday.

Musk stated that he would be surprised if the first robotaxi ride does not occur next year. He acknowledged that his past predictions have been overly optimistic.

On Tuesday, General Motors announced that it was postponing the launch of a second U.S. electric truck plant and the first electric vehicle under the Buick brand.

Despite solid financial results, General Motors' shares closed 6.42% lower on Tuesday due to investor concerns about pullbacks in growth businesses.

The production of Cruise Origin autonomous vehicle by GM has been indefinitely put on hold, and the company is working to restructure its joint venture with SAIC in China, where it continues to experience losses.

The EV industry is confronting a reality check, following years of hype that led automakers to make overly optimistic sales predictions for EV models and set ambitious growth targets.

The production of EVs has become more expensive due to rising raw material costs, high interest rates, and other factors, compared to traditional vehicles.

– CNBC's Michael Wayland contributed to this report.