What's Going On With Chinese EV Stocks Like Nio, XPeng, Li Auto, Lucid Motors On Wednesday?

Chinese electric vehicle stocks soared after China slammed the European Union import tariffs on the EV industry and assured support for the industry.

NIO Inc NIO, XPeng Inc XPEV, Li Auto Inc LI, Lucid Group LCID, and ZEEKR Intelligent Technology Holding ZK traded up on Wednesday.

The EU slapped the additional tariffs on the existing duties of 10% on BEV imports, CNBC reports.

Also Read: Chinese Luxury EV Company Zeekr Clocks 100% Growth in Q2 Deliveries, Margin Boost Amid Domestic Price War, Tariffs

Interestingly, the EU slashed import duties on major electric automakers, including Tesla Inc TSLA and China’s BYD Co BYDDF, SAIC Motor Corp, and Geely Automobile Holdings GELYF.

China challenged the EU’s view that the Chinese EV industry was distorting European competition.

The Chinese EV industry has been battling weak domestic demand and protectionist tariffs. Lately, the industry has received a boost from China’s plan to boost its stimulus program to subsidize passenger vehicle purchases.

Reports indicating China’s cash-for-clunkers trade-in program’s potential to boost EV sales have also positively impacted Chinese EV stocks.

According to Counterpoint Research, China accounted for 52% of the global Battery Electric Vehicle sales after the U.S. during the first quarter of 2024.

Will Lucid Group Stock Go Up?

When trying to assess whether or not Lucid will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $3.75 on Lucid. The Street high target is currently at $4.0 and the Street low target is $3.0. Of all the analysts covering Lucid Gr, no one has positive ratings, 4 have neutral ratings and 4 have negative ratings.

In the last month, 5 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Lucid have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Lucid Gr is 18.09% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Lucid, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

Price Actions: NIO stock traded higher by 2.21 % at $3.94 at the last check Wednesday. XPEV is up 2.82% at $6.96, LI is up 3.66% at $21.06 and LCID up 4.79% at $3.39.

Also Read:

• XPeng Q2 Earnings: 30.2% Deliveries Growth, Margin Boost From Volkswagen Partnership, Q3 Outlook And More

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