Financial data on a monitor,Stock market data on LED display concept

US-listed Chinese EV makers lead sector gains as daily Covid-19 infections continue to drop

Written by Cláudio Afonso | | LinkedIn | Twitter

Shares of the U.S.-listed Chinese EV makers are rising on Tuesday sessions after Covid-19 cases drop in Shanghai and other regions. As of 10:03 EST, NIO was trading 11.35 percent higher at $16.20 per share while the Guangzhou-based XPeng is up 5.80 percent at $23.93 per share. LI Auto and BYD are also trading higher by 8.02 percent and 6.05 percent, respectively.

In the first day of June, Shanghai’s health authorities are expected to start gradually lowering lockdown measures making possible reach normal production capacity by late June. According to data released on May 16, daily new infections in Shanghai fell to 938 cases, under 1,000 for the first time since March 24.

As Reuters reported earlier today, Chinese Vice-Premier Liu He is scheduled to address tech executives on Tuesday at a meeting to promote the development of its digital economy.

“The conversations between China’s ruling body and technology executives does seem to bring about expectations that the tech crackdown might be coming to an end, said Danni Hewson”, an analyst at AJ Bell o Reuters.

Written by Cláudio Afonso | | LinkedIn | Twitter