From Seeking Alpha: 2024-05-02 11:31:12

Chinese electric vehicle stocks surged on Thursday following strong gains on Wednesday, fueled by positive April delivery reports. BYD Company reported a 49% year-over-year increase in wholesale volume, Nio saw a 135% jump in deliveries, and Xiaomi received 88K non-refundable orders. China’s efforts to boost consumer spending could lead to more stimulus for new-energy vehicles.

Lotus Technology rose 19.75%, XPeng increased by 9.01%, and Li Auto rallied 7.78%. Nio also saw a 2.95% rise after a double-digit jump on Wednesday, while BYD Company pushed 4.78% higher. Analysts believe Chinese EV makers still hold an advantage over Tesla in the autonomous driving battle despite recent developments.

Tesla’s mapping deal with Baidu and Elon Musk’s visit to Beijing had a minor cooling effect on Chinese EV stock enthusiasm. However, Chinese EV companies are not seen as falling far behind in the autonomous driving race and still benefit from their home nation advantage. Tesla’s stock dipped by 0.25% on Thursday, trading below $180.



Read more at Seeking Alpha: Chinese electric vehicle stocks jump while Tesla sits idle for the day (NASDAQ:LI)