NIO, Li Auto and Xpeng continued the recovery from their July 21-27 drop Friday, even as other U.S.-listed China stocks fell.
Chinese electric vehicle stocks, including NIO (NIO) , Li Auto (LI) and Xpeng (XPEV) , continued the rebound from their July 21-27 drop Friday, even as other U.S.-listed China stocks fell.
Nio gained 4% to $44.50, Li 11% to $33.97 and Xpeng 9% to $41.38. Meanwhile, Alibaba BABA slid 2% to $195.19 and Didi DIDI 3% to $9.57.
Fear of stringent Chinese regulation is depressing non-EV stocks. But China hasn’t made much noise about cracking down on EV makers. It’s an industry the government would like to dominate.
So it may have no desire to put the hammer down on EV companies, and that’s likely buttressing their shares Friday.
When it comes to U.S. EV stocks, Tesla (TSLA) -Get Report is the big daddy, of course. Its shares are up 5% to $677.75 Friday, leaving them up 8% for the past five days.
The companyposted stronger-than-expected earningsfor the second quarter Monday and said it's on track to build the first Model Y sedans from new facilities in Austin and Berlin before year-end.
Chief Executive Elon Musk, however, added in an investor call following the earnings report that the global shortage in semiconductor supplies remains "quite serious" and could impact production rates over the second half of the year.
Volume growth will depend on the availability of other parts in the global supply chain, he said.
Musk also said he would no longer participate in regular earnings calls, unless he had "something really important to say".
Tesla said adjusted profit for the latest quarter was $1.45 per share, creaming analysts’ consensus forecast of 98 cents.