Tesla’s Chinese rivals are trading higher during the U.S. pre-market session on Tuesday due to various market influences and upcoming financial announcements.
On Tuesday, during the pre-market session, Chinese electric vehicle stocks displayed positive movements. According to Benzinga Pro, XPeng Inc. XPEV saw a slight increase of 0.58%, while Nio Inc – ADR NIO rose significantly by 4.82%, and Li Auto Inc LI gained 1.20%.
Li Auto is gearing up to announce its third-quarter results on Thursday. Analysts anticipate a net profit of 2.62 billion yuan, approximately $367.7 million, which would represent a 7.1% decline from the previous year. However, as per Benzinga’s estimates, the company is expected to report a 24.21% increase in quarterly revenue, reaching $5.9 billion, with an estimated EPS of $0.330.
Meanwhile, Macquarie’s analyst Eugene Hsiao recently upgraded Nio’s rating from “neutral” to “outperform.” Additionally, JPMorgan raised the price target for Nio’s Hong Kong stock, suggesting a potential 56% increase. Nio also achieved a record monthly registration in Norway and reached 2,600 battery swap stations in China.
The fluctuations also coincide with their rally in Hong Kong following reports from Xinhua News Agency about government initiatives to bolster the sector, including increased purchases of new-energy vehicles and improved charging infrastructure.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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