NIO, Li Auto's Shares Rise Before New Model Releases
Shares of NIO and Li Auto rose sharply in Hong Kong as investors anticipate the Chinese automakers' new model releases this week.Investor sentiment surrounding Chinese electric vehicle makers have been recently improved by new models and new technology. Higher energy prices owing to the conflict in the Middle East have also fueled interest in EVs.NIO and Li Auto are due to launch new models Friday.NIO's Onvo L80 is a five-seat sport utility full electric vehicle with a pre-sale prices 245,800 yuan, equivalent to $36,215.76. Li Auto's L9 Livis is a six-seat hybrid SUV with a pre-sale price starting at 559,800 yuan.NIO's shares rose 4.4% and Li Auto's shares gained 6.5% in early Hong Kong trade by midday Thursday.Demand in China's local auto market has languished in recent months. This week's two new models are raising hopes that more buyers will be attracted to the range of new products with advanced autonomous driving assistance technology.The halving of EV purchase tax exemptions, lo