Shares of Chinese electric vehicle makers Li Auto Inc. LI and Xpeng Inc. XPEV continued to rise in Hong Kong on Tuesday, extending their gains from Monday’s trading session.
What’s Moving: Li Auto’s shares traded 3% higher at HK$114.70 ($14.73) in Hong Kong, while shares of Xpeng closed almost 2.8% higher at HK$155.10 ($19.91).
Meanwhile, in the pre-market session in New York, Li Auto shares traded 2% higher and Xpeng shares were up 2.14% at press time.
Shares of fellow Chinese EV maker Nio Inc. NIO traded 3.27% higher at $39.42 in the pre-market session.
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Why Is It Moving? The rally in the Hong Kong comes after shares of electric vehicle-related stocks, including Li Auto, Xpeng, Nio and Tesla Inc. TSLA, closed higher in U.S. trading on Monday amid overall strength in the EV sector.
It was reported that the National Highway Traffic Safety Administration (NHTSA) may impose higher penalties for automakers failing to meet fuel efficiency requirements. The penalties are seeing as boosting EV makers, whose vehicles produce zero emissions.
Shares of Chinese EV stocks had come under pressure in Hong Kong last week following a fatal crash involving a Nio vehicle that had the autopilot function turned on. This raised concerns about the safety of smart electric vehicles in China.
In July, Xpeng became the first among the three U.S.-listed Chinese EV makers to complete a dual-listing in Hong Kong. Li Auto’s shares commenced trading in Hong Kong earlier this month.
Photo: Courtesy of Nio
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