Electric vehicle stocks gain after China eases some restrictions in Shanghai and Beijing
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Chinese electric vehicle stocks jumped on Tuesday after China lifted some COVID restrictions after positive cases fell below 100 for the first time since March.
Shanghai will resume public transportation on Wednesday and allow people in areas to move around low-risk areas more freely. Residents in Shanghai will still have to get COVID tests every 72 hours to take public transport and enter public venues. Meanwhile in Beijing, the government is allowing some workers to return to offices and shopping centers to reopen, although schools will remain closed.
The easing could help boost electric vehicle production further after some recent improvement. The Gigafactory Shanghai has reportedly been running with two shifts a day since late last week, but some factories tied to the supply chain have yet to return to full production.
Li Auto (NASDAQ:LI) rose 4.49% in premarket trading on Tuesday. Nio (NIO) gained 4.41% and XPeng (XPEV) was up 4.13%. Tesla (TSLA) showed a 1.16% gain in the premarket session.
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