NIO, LI, XPEV Stocks Surge as Global Electric Vehicle Sales Rise

Oct 18, 2024

Electric vehicle stocks climbed, with NIO (NIO, Financial) rising over 3%, Li Auto (LI) surging more than 5.5%, and XPeng (XPEV) increasing by over 5.7%. Tesla (TSLA) and Rivian (RIVN) also edged up slightly by 0.26% and 0.25%, respectively.

According to data from market research firm Rho Motion, sales of global pure electric and plug-in hybrid vehicles grew by 30.5% year-on-year in September, reaching 1.69 million units. The Chinese market played a significant role, as electric vehicle sales there jumped 47.9% to 1.12 million units, setting a new record. Meanwhile, the electric vehicle market in Europe and the United States is showing signs of recovery after a period of stagnation.

Disclosures

I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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