LI
Electric vehicle stocks rally after strong demand reports from China
- Strong deliveries reports from Li Auto, Nio, XPeng and Tesla (TSLA+3.9%
) over the holiday weekend have investors in the electric vehicles
sector scrambling on high-volatility moves. Notably, Tesla's report
included it effectively hitting its 500K deliveries target for 2020.
- Gainers in the sector include Li Auto (NASDAQ:LI)+13.15%, Nio (NYSE:NIO
)+9.62%, XPeng (NYSE:XPEV)+8.31%, Electrameccanica Vehicles (NASDAQ:SOLO)
+7.11%, BYD Group (OTCPK:BYDDF) +6.44%, Kandi Technologies (NASDAQ:KNDI)
+5.80%, Niu Technologies (NASDAQ:NIU)+4.55%, Workhorse Group (NASDAQ:WKHS
)+2.95% and GreenPower Motor Company (NASDAQ:GP)+2.05%.
- The optimism is largely tied to raised expectations on China demand,
according to Wedbush Securities. "China remains a greenfield EV market
opportunity as we believe overall EV sales can potentially double in the
region over the next few years given the pent-up demand for EV vehicles
across all price points," notes analyst Dan Ives.
- "We believe China (coming off what looks like a robust
November/December) could see eye popping demand into 2021 and 2022 across
the board with Tesla's flagship Giga 3 footprint a major competitive
advantage, as domestic players such as BYD, Nio, Xpeng, and Li also are
also firing on all cylinders and just scratching the surface of the
overall
TAM in China," he adds.
- Not all EV stocks are motoring higher. Decliners in the EV space on
the first day of trading of the year include QuantumScape (NYSE:QS)
-37.56%, XL Fleet (NYSE:XL)-15.30%, Canoo (NASDAQ:GOEV)-11.25% and Romeo
Power (NYSE:RMO)-11.17%. All those EV names have been volatile on a
daily basis.
- Deliveries reports and updates from manufacturers on U.S. sales pushed
the auto sector front and center in Seeking Alpha's Stocks to Watch for
the week.
|Today, 11:22 AM|4 Comments
Electric vehicle stocks rally after strong demand reports from China
- Strong deliveries reports from Li Auto, Nio, XPeng and Tesla (TSLA+3.9%
) over the holiday weekend have investors in the electric vehicles
sector scrambling on high-volatility moves. Notably, Tesla's report
included it effectively hitting its 500K deliveries target for 2020.
- Gainers in the sector include Li Auto (NASDAQ:LI)+13.15%, Nio (NYSE:NIO
)+9.62%, XPeng (NYSE:XPEV)+8.31%, Electrameccanica Vehicles (NASDAQ:SOLO)
+7.11%, BYD Group (OTCPK:BYDDF) +6.44%, Kandi Technologies (NASDAQ:KNDI)
+5.80%, Niu Technologies (NASDAQ:NIU)+4.55%, Workhorse Group (NASDAQ:WKHS
)+2.95% and GreenPower Motor Company (NASDAQ:GP)+2.05%.
- The optimism is largely tied to raised expectations on China demand,
according to Wedbush Securities. "China remains a greenfield EV market
opportunity as we believe overall EV sales can potentially double in the
region over the next few years given the pent-up demand for EV vehicles
across all price points," notes analyst Dan Ives.
- "We believe China (coming off what looks like a robust
November/December) could see eye popping demand into 2021 and 2022 across
the board with Tesla's flagship Giga 3 footprint a major competitive
advantage, as domestic players such as BYD, Nio, Xpeng, and Li also are
also firing on all cylinders and just scratching the surface of the
overall
TAM in China," he adds.
- Not all EV stocks are motoring higher. Decliners in the EV space on
the first day of trading of the year include QuantumScape (NYSE:QS)
-37.56%, XL Fleet (NYSE:XL)-15.30%, Canoo (NASDAQ:GOEV)-11.25% and Romeo
Power (NYSE:RMO)-11.17%. All those EV names have been volatile on a
daily basis.
- Deliveries reports and updates from manufacturers on U.S. sales pushed
the auto sector front and center in Seeking Alpha's Stocks to Watch for
the week.
|Today, 11:22 AM|4 Comments
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