By Jiahui Huang
Chinese electric-vehicle makers' shares rose sharply as one of the world's largest auto shows kicked off in Shanghai.
XPeng led gains, closing 8.7% higher at 79.70 Hong Kong dollars, equivalent to US$10.27, on Wednesday, marking its biggest one-day gain since March.
Xiaomi rose 6.9% while NIO was up 4.4%. BYD gained 3.9% and Geely Automobile advanced 2.8%.
The gains were supported by optimism over announcements by carmakers at the Shanghai Auto Show, which began Wednesday.
China's auto shows are noteworthy because they include presentations by Chinese carmakers of models and technology that haven't been announced previously at other events, CCB International analyst Qu Ke said.
That also means foreign companies are incentivized to present their most advanced products to compete with Chinese rivals, he added.
XPeng unveiled humanoid robots that Chief Executive He Xiaopeng said can engage in natural conversation and are capable of precise object manipulation. XPeng's shares rose sharply after the showcase of the humanoid robots, said Bocom International analyst Angus Chan.
"XPeng is one of the most attractive show desks" at the auto show, Qu added.
XPeng also introduced fast-charging technology that it says can deliver a range of 420 kilometers after just 10 minutes of charging time.
Other Chinese automakers also launched new models and technological advances at the event. BYD's premium brand Denze unveiled its new luxury sports car model Denza Z.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
April 23, 2025 04:17 ET (08:17 GMT)
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