Shares of US-listed Chinese electric car maker Nio Inc. NIO, Xpeng Inc XPEV and Li Auto Inc LI traded significantly higher in Hong Kong on Wednesday morning.How Nio, Xpeng, Li Auto Are Doing Today In Hong Kong Stock Movement (+/-) Nio 5.38% Xpeng 6.64% Li Auto 10.82%
Shares of these Tesla Inc TSLA rivals ended on a mixed note in US markets overnight.
Global Markets Recap: After four consecutive sessions of losses, the benchmark Hang Seng Index rose 0.90% on mostly firmer technology stocks contributing 2.6%.
Elsewhere, the Australian ASX 200 fell 0.14%, while Shanghai’s SSE Composite Index gained 1.49% and Japan’s Nikkei 225 gained 0.32%.
Macro factors: According to an SCMP report, a top economist said the impact of China’s latest COVID-19 outbreak could be more than 10 times the impact on the economy of the first wave in Wuhan in 2020, which has hit 160 million so far people have been affected by restrictions in cities with a combined economic output of 18 trillion yuan ($2.68 trillion) this year.
Data released earlier by the National Bureau of Statistics of China showed that the country’s consumer price index rose 2.1% year-on-year in April, ahead of market expectations. Food prices in the country also rose by 1.9% compared to a year earlier.
Company in the news: Nio plans to build a factory in NeoPark for its anticipated sub-brand. The company plans to begin production of the sub-brand’s electric vehicle models in 2024.
Li Auto reported revenue growth of 167.5% year-over-year to $1.51 billion in the first quarter of FY22, surpassing the consensus of $1.44 billion. Gross profit grew 250.9% year-over-year, with margin expanding 530 basis points to 22.6%.
Photo Courtesy of: Nio
This post Why Nio, Xpeng and Li Auto are hugely popular in Hong Kong today was original published at “https://www.benzinga.com/markets/asia/22/05/27127696/nio-and-other-ev-peers-are-soaring-high-in-hong-kong-today”