Why Tesla, Nio, and Li Auto Stocks All Jumped Monday
Several items of news came out of the Chinese electric vehicle (EV) sector today. The result has been a jump in the shares of stocks with a stake there. That has Tesla (NASDAQ: TSLA) shares up 1.9% as of 11:40 a.m. ET. And the stocks of Nio (NYSE: NIO) and Li Auto (NASDAQ: LI) were higher by 3.5% and 5.1%, respectively, at that time.
Many recent updates from China's EV sector have been associated with COVID-19-related lockdowns and supply chain issues that have negatively impacted vehicle production. Today, however, there were some signs of a turnaround on that front. Tesla's company-specific news was of battery-material supply deals the company has inked, as reported by Barron's. At the same time, July delivery data out of domestic producers Nio, Li, and XPeng (NYSE: XPEV) indicate the market is rebounding there. That's also good news for Tesla, as its Shanghai plant is a major factor in its growth plans.
Source Fool.com
