logo
welcome
Benzinga

Benzinga

Chinese EV stocks NIO, XPeng, Li Auto trading higher amid China’s cash-for clunkers program

Benzinga
Summary
Nutrition label

74% Informative

Chinese electric vehicle stocks NIO Inc (NIO) , XPeng Inc (NYSE:XPEV), and Li Auto Inc (NASDAQ:LI) are trading higher Monday amid reports indicating China ’s cash-for clunkers trade-in program could boost electric-vehicle demand.

The program could translate into total EV sales to over 10 million in 2024 , Bloomberg reports.

Nio stock plunged 64% , XPeng 58% in the last 12 months as they battled a domestic price war and U.S. and EU protectionist tariffs.