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Editor’s Note: The story has been corrected to remove Lucid Motors from the article which was erroneously added as a Chinese EV stock
Chinese electric vehicle stocks soared after China slammed the European Union import tariffs on the EV industry and assured support for the industry.
NIO Inc (NYSE:NIO), XPeng Inc (NYSE:XPEV), Li Auto Inc (NASDAQ:LI), and ZEEKR Intelligent Technology Holding (NYSE:ZK) traded up on Wednesday.
The EU slapped the additional tariffs on the existing duties of 10% on BEV imports, CNBC reports.
Interestingly, the EU slashed import duties on major electric automakers, including Tesla Inc (NASDAQ:TSLA) and China’s BYD Co (OTC:BYDDF), SAIC Motor Corp, and Geely Automobile Holdings (OTC:GELYF).
China challenged the EU’s view that the Chinese EV industry was distorting European competition.
The Chinese EV industry has been battling weak domestic demand and protectionist tariffs. Lately, the industry has received a boost from China’s plan to boost its stimulus program to subsidize passenger vehicle purchases.
Reports indicating China’s cash-for-clunkers trade-in program’s potential to boost EV sales have also positively impacted Chinese EV stocks.
According to Counterpoint Research, China accounted for 52% of the global Battery Electric Vehicle sales after the U.S. during the first quarter of 2024.
Price Actions: NIO stock traded higher by 2.21 % at $3.94 at the last check Wednesday. XPEV is up 2.82% at $6.96, LI is up 3.66% at $21.06.
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