Why Nio, Other EV Peers Are Trading Higher In Hong Kong Today

Shares of Tesla Inc TSLA rivals and U.S.-listed Chinese electric automakers Nio Inc NIO, Xpeng Inc XPEV, and Li Auto Inc LI traded significantly higher in Hong Kong on Tuesday, ending more than a week-long losing streak.

Shares of these EV makers ended mixed overnight in U.S. markets.

See Also: Alibaba, Other Tech Peers Snap Losing Streak In Hong Kong: What's Driving Them Today?

What Happened: The overall Hang Seng Index gained 1.18% on positive cues from global markets. In neighboring markets, the Shanghai Composite Index gained 0.59%%, and Japan's Nikkei 225 gained nearly 0.55%.

The rally in Hong Kong Index was spurred by news reports of Hong Kong saying it was ready to launch yuan-denominated stocks trading for investors in Shanghai and Shenzhen. The final clearances from regulators in mainland China are expected in the second half of the year, according to a Bloomberg report.

China's capital Beijing, which is rapidly seeing a rise in the number of COVID-19 cases, on Monday announced that mass testing would be expanded to another 10 districts and one economic development area.

State-owned CCTV reported the Chinese Ministry of Transport has recently drafted an action plan with government departments to speed up the construction of charging infrastructure along public roads.

Company In News: NIO rolled out its 200,000th production vehicle, less than a year after it reached its 100,000th milestone. The company took three years to reach the 100,000 mark, according to CnEVPost.

About 25% of the staff at Nio's technology research center in Shanghai's Jiading district returned to work amid strict COVID-19 protocols, CnEVPost reported.

Photo courtesy: Nio