Shares of the Chinese EV makers Nio and Xpeng closed higher on Tuesday despite the confirmation of the huge increase in China-made energy goods including electric vehicles.
Nio shares surged by 7.02 percent to $5.79 per share just 24 hours before unveiling its first subbrand, Onvo, targeting a cheaper segment priced between 200 and 300 thousand yuan.
Shares of the EV manufacturer Xpeng, which is also preparing to launch its subbrand, closed 2.35 percent higher at $8.28 per share. Mona, as the subbrand is called, is set to release in June with BYD supplying the batteries for the first model, local media reported earlier today.
The recently IPOed Zeekr, the premium brand from the China giant Geely, closed 4.86 percent lower on its third trading day.
The US administration increased on Tuesday the tariffs to 25% on steel and aluminum, 50% on semiconductors, 100% on electric vehicles, and 50% on solar panels.
In a post on the social media platform X, Joe Biden said that “China is determined to dominate these industries” while enhancing that he is “determined to ensure America leads the world in them”.
According to the Washington Post report, Trump reaffirmed in a meeting with top U.S. oil executives that he is committed to reversing many of the measures Biden implemented to combat climate change including electric vehicles.
In the last quarter of 2023, electric vehicle (EV) sales in the US surged by 40 percent compared to the previous year, reaching nearly 1.2 million vehicles, according to data from Cox Automotive.
Additionally, the total EV market share in the US increased from 5.9 to 7.6 percent compared to the previous year.
