Stocks of Chinese EV-Makers Surge After Strong Sales in March

  • Stock Market News
Stocks of Chinese EV-Makers Surge After Strong Sales in March

By Dhirendra Tripathi – Shares and ADRs of Chinese EV-makers traded sharply higher in premarket Friday after all of them reported robust sales in March.

Xpeng (NYSE: XPEV ) was the biggest gainer with its stock up 9%. Sales in March more than tripled from a year ago to 15,414 units. Monthly delivery of the P7 smart sports sedan exceeded 9,000 in March for the first time, reaching 9,183 units, the company said.

ADRs of rival Nio (NYSE: NIO ) traded 6% higher after it sold 9,985 vehicles in March, up about 38%. The company said it plans to unveil the 2022 NIO ES8, ES6, and EC6 SUVs in May.

In the meantime, ES7, the company’s new mid-to-large five-seater will also make its debut, it said.

Li Auto (NASDAQ: LI ), the third EV manufacturer from China listed on American exchanges, was also up 6%. It sold 11,034 units in March, over 125% higher than a year ago.

Strong sales by the Chinese companies come even as several cities in the country remain locked because of the pandemic, in line with the authorities’ zero-COVID policy. The numbers are noteworthy as most automakers in the world complain of parts shortages, particularly semiconductors.

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