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Benzinga
Benzinga
World
Navdeep Yadav

Why Nio, Xpeng Are Pushing EV Stocks Higher In Hong Kong Today

Shares of Tesla Inc (NASDAQ:TSLA) rivals and U.S.-listed Chinese electric automakers were a mixed bag in the Hong Kong markets on Thursday. While Nio Inc (NYSE:NIO) and Xpeng Inc (NYSE:XPEV) traded higher, Li Auto Inc (NASDAQ:LI) sank in an otherwise green market. 

Here’s How Nio, Xpeng, Li Auto Are Faring In Hong Kong
Stocks Movement
Li Auto Inc -2.03%
Xpeng Inc 0.53%
NIO Inc 1.29%

The Macro Factors: Amid the positive cues from the global peers, the benchmark index Hang Seng opened in green and was up 1.29% at the time of writing. 

This came after U.S. stocks rebounded on Wednesday following a sharp sell-off Tuesday. The Shanghai Composite Index gained over 1%, and Japan's Nikkei 225 was up 0.61%. 

Investors' risk appetite received a boost amid declining COVID-19 cases in mainland China, with the financial hub Shanghai's new infections falling to a three-week low. Shanghai is the hub for many EV makers, including Tesla. 

Companies In The News: Cathie Wood-Backed Xpeng has agreed with the Agricultural Bank of China, a state-owned bank, for a comprehensive credit line of up to 7.5 billion yuan ($1.14 billion).

Deutsche Bank analysts in an investor note said Xpeng’s upcoming sales figures at the end of the week would be a catalyst for the company’s stock rebound, according to CnEVPost.

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