NIO is outperforming its local peers XPeng and Li Auto, as the Hong Kong stock market posted its biggest gain in nearly four months.
Shares of the electric vehicle (EV) makers traded in Hong Kong surged today, as the overall market rebounded strongly.
NIO rose 7.09 percent to HK$151 in Hong Kong by the close of trading, ending a six-day losing streak.
XPeng Motors and Li Auto also rose by 4.19 percent and 2.47 percent, respectively. XPeng had previously fallen for five straight days, including more than 12 percent yesterday, after it gave weak guidance for the third quarter.
Hong Kong stocks cancelled early trading today due to the typhoon, with trading resuming in the afternoon.
The Hang Seng Index rose 3.63 percent today, while the Hang Seng Tech Index gained 6.01 percent, both the biggest one-day gains since April 29.
NIO announced today that the first batch of NIO ES7s for delivery from NIO's Hefei advanced manufacturing base officially began being shipped to various locations in China, with deliveries set to begin on August 28.
The company also said today that it will showcase its full range of models at the Chengdu auto show, which begins on August 26.
Yesterday, NIO announced that the first pre-production vehicles of the ET5 have recently rolled off the production line at its second advanced manufacturing base at NeoPark in Hefei, Anhui province.
In addition, local media reported yesterday that NIO is developing lithium manganese iron phosphate (LMFP) and 4680 batteries in house and plans to mass produce them for the NIO brand and sub-brand ALPS.
XPeng on Tuesday reported better-than-expected second-quarter revenue, but gave yet another discouraging guidance for the next quarter, causing it to plunge in Hong Kong yesterday.
Several Wall Street banks cut their price targets on XPeng, with Deutsche Bank lowering theirs to $33 from $43, saying the company is facing a painful strategic transition.
Li Auto announced yesterday that it officially launched the construction of its power semiconductor R&D and manufacturing base in Suzhou, Jiangsu province on August 24.
On August 18, Li Auto announced that the first production vehicles of its new SUV, the Li L9 extended-range electric vehicle (EREV), rolled off the production line at the company's manufacturing facility in Changzhou, eastern Jiangsu province, with deliveries to begin soon.
NIO ships first ES7 production vehicles from Hefei plant, deliveries to begin on Aug 28