NIO Inc NIO shares are trading higher Wednesday in sympathy with XPeng Inc XPEV which surged on third-quarter earnings and delivery results.
What Happened: XPeng reported third-quarter revenue of RMB6.82 billion ($959.23 million), which missed average analyst estimates of $1.01 billion, according to Benzinga Pro. The company reported a quarterly net loss of 36 cents per share, which was in line with estimates.
Total deliveries increased 15% year-over-year to 29,570. Fourth-quarter deliveries are expected to be in a range of 20,000 to 21,000 vehicles.
XPeng said it expects fourth-quarter revenue to be between $680 million and $720 million.
What Else: Several Chinese names are trading higher amid reopening hopes after Guangzhou relaxed COVID restrictions in some districts.
China's manufacturing hub of Guangzhou has been facing prolonged COVID restrictions. Protestors spoke out against China's strict zero COVID policy following a deadly fire over the weekend.
City districts including Haizhu, Baiyun, Fanyu, Tianhe, Conghua, Huadu and Liwan are lifting temporary lockdowns, according to Reuters.
Conghua even went as far as to say it will allow schools to hold in-person classes again. The city also plans to reopen restaurants and other businesses. However, "high-risk" areas will remain under lockdowns.
NIO Price Action: Nio has a 52-week high of $41.42 and a 52-week low of $8.38.
The stock was up 20.1% at $12.61 at time of publication, according to Benzinga Pro.
Photo: courtesy of Nio.
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