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Why Chinese EV Stocks Are Trading Higher Today

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Why Chinese EV Stocks Are Trading Higher Today

Shares of several Chinese electric vehicle companies are trading higher following a Reuters report detailing plans for a secondary listing in Hong Kong as soon as this year. Stocks are also trading higher as growth stocks rebound amid a drop in Treasury yields.

Because EV manufacturers are operating in an investment-intensive industry that necessitates huge cash reserves to expand their product and service offerings, see more on why the prospect of secondary listings in Hong Kong for Chinese EV makers matters.

Nio Inc - ADR (NYSE: NIO) operates in China's premium EV market. The company designs, jointly manufactures and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.

Shares of Nio are trading higher by 14% at $40.18. The stock has a 52-week high of $66.99 and a 52-week low of $2.11.

See Also: How To Buy Nio Stock

Xpeng Inc - ADR (NYSE: XPEV) is an EV company designing, developing, manufacturing and marketing smart EVs in China. The company manufactures environmentally-friendly vehicles, namely an SUV (the G3) and a four-door sports sedan (the P7). It targets the mid-to high-end segment in China's passenger vehicle market.

Also, Daiwa Capital analyst Kelvin Lau upgraded Xpeng from Sell to Buy and announced a $34 price target.

Shares of Xpeng are trading higher by 14% at $40.18. The stock has a 52-week high of $74.49 and a 52-week low of $17.11.

Li Auto Inc. (NASDAQ: LI) designs, develops, manufactures, and sells smart electric SUVs. The company's Li ONE, is a six-seat, large electric SUV equipped with a range extension system and cutting-edge smart vehicle solutions.

Shares of Li Auto are trading higher by 11% at $23.65. The stock has a 52-week high of $47.70 and a 52-week low of $14.31.

Tesla Recovers Tuesday

A rise in treasury yields has weighed on markets and impacted the outlook for high-growth sectors such as technology, and few of the EV sector's names were spared during the sell-off, including the likes of Elon Musk’s Tesla Inc (NASDAQ: TSLA).

Shares of Tesla closed Monday at $563, a staggering 37.5% off the 52-week high of $900.40. 

Tesla is trading higher by 14% at $644 after New Street Research upgraded the stock from Neutral to Buy and announced a $900 price target.

 

Related Articles (LI + NIO)

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