Street Calls of the Week
Investing.com-- Chinese electric vehicle stocks gained on Thursday, ahead of Tesla’s (NASDAQ:TSLA) quarterly delivery report, as investors weighed signs of strength among local players and the potential implications for global competition.
Hong Kong-listed Xpeng Inc (HK:9868) shares rose 1.5% after the automaker said it delivered a record 41,581 EVs in September, a 10.3% month-on-month increase.
NIO Inc (HK:9866) also posted its strongest month yet, with 34,749 deliveries across its premium, mainstream, and entry lines. Nio shares jumped more than 6% in Hong Kong trading.
Xiaomi Corp (HK:1810) shares rose 3.2% after its EV unit exceeded 40,000 deliveries in September, capitalizing on strong demand for its SU7 sedan and YU7 crossover.
The gains come as Tesla is expected to report its third-quarter deliveries later Thursday, with analysts cautioning that the U.S. tax credit expiry may have front-loaded demand.
Investors are closely watching Tesla’s numbers for signs of demand momentum or waning appeal, especially in China, where domestic makers are increasingly pressuring the U.S. incumbent’s market share.
Still, BYD -- China’s largest EV maker-- saw its third-quarter vehicle sales fall 2.1% year-on-year on Wednesday, marking its first quarterly decline since 2020. Still, shares of the company traded 3% higher on Thursday.