3 Catalysts That May Be Driving Tesla, Nio, XPeng, Li Auto Higher Thursday

Electric vehicle stocks that have been witnessing volatility in recent sessions were seen moving higher in premarket trading Thursday.

Trio Of Catalysts Driving EV Rally: The broader market is moving up, with futures pointing to a higher open on Wall Street. S&P 500 futures are up close to 1%, Dow futures were 0.85% higher and the Nasdaq 100 futures were advancing 1.22%.

The positivity is premised on the back of indications that lawmakers may reach a deal to avoid a U.S. government default.

EV giant Tesla, Inc. TSLA is scheduled to hold its annual shareholders meeting Thursday after the close. Although no breakthrough announcements are expected out of the meeting, investors are looking ahead to hear updates on the opening of the Giga Texas factory as well as Giga Berlin. The company could also shed light on the production timeline for the Cybertruck.

Related Link: Why This Analyst Thinks Tesla Stock Is Worth Far Less Than Its Current Valuation

Chinese EV giant Nio, Inc. NIO received a shot in the arm from a positive analyst action. Goldman Sachs analyst Fei Fang upgraded Nio shares from Neutral to Buy while maintaining the price target at $56. The analyst attributed his positive stance on the potential presented by the company's upcoming ET7 sedan model.

The EV Price Action:

In premarket trading Thursday, Tesla shares were rising 0.89% to $789.70.

Nio was jumping 5.08% to $35.37.

XPeng, Inc. XPEV shares were advancing 3.41% to $36.97.

Li Auto, Inc. LI was moving 3.32% higher to $28.30.

Related Link: What This Analyst Likes About Q3 Deliveries Updates From XPeng and Nio

Photo: the XPeng P7 Wing.