Nio and XPeng lead strong day for the Chinese EV sector
Drew Angerer/Getty Images News
Chinese electric vehicle stocks NIO (NYSE:NIO) +12.4%, XPeng (NYSE:XPEV) +10.1%, Niu Technologies (NIU) +9.5% Kandi Technologies (KNDI) +7.0% all traded strong on Monday. Meanwhile, Li Auto (LI) and ZEEKR Intelligent Technology (ZK) showed more modest gains of less than 2%. In general, the sector has seen bouncy trading over the last six weeks on Chinese stimulus developments.
NIO (NIO) also got an extra boost from an upgrade by Macquarie to an Outperform rating. The firm thinks that NIO (NIO) could see an acceleration in sales volume in Q4, due to strong demand for the Onvo L60 model. Analyst Eugene Hsiao also pointed to the upcoming launch of the new Firefly brand in the early part of next year as a potential catalyst.
Looking ahead, investors will be watching for the Chinese EV makers to issue their October deliveries reports on November 1. While the unit volume numbers have been strong over the last few months, the average selling prices in the EV sector will also be a major Q4 earnings consideration.
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