Tesla Rivals Nio, Xpeng Jump In Hong Kong: What's Driving EV Stocks Today?

Shares of U.S.-listed Chinese electric automakers Nio Inc. NIO, Xpeng Inc. XPEV, and Li Auto Inc. LI traded in the green in Hong Kong on Thursday. 

Macro Factors: The overall Hang Sang Index had a positive opening amid strong cues from global markets and Hong Kong easing COVID-19 restrictions. 

An SCMP report added that from April 21, Hong Kong would start easing social-distancing rules that have been in place for months, including an extension of dine-in hours for restaurants. 

Company In News: Nio has not completely halted production owing to supply snarls as widely believed in the market, CnEVpost reported on Wednesday. 

According to Benzinga technical analyst Melanie Schaffer, Nio may be completing the final right shoulder in a bullish inverted head-and-shoulders pattern. That can be a powerful reversal indicator when found at the bottom of a downtrend or a continuation pattern found in an uptrend.