Boosted by the Chinese government’s massive economic stimulus measures, Chinese electric car companies, including Nio, experienced dramatic surges on the New York Stock Exchange.
On Tuesday, Nio’s stock jumped 11.65% to $5.94 from the previous trading day’s close.
In addition to Nio, XPeng rose by 11.92%, and Li Auto climbed by 11.35%.
This increase was even larger than that of Alibaba, China’s largest e-commerce company, which jumped by 7.92%.
The rally in Chinese stocks listed in the U.S. was triggered by the People’s Bank of China announcing a major economic stimulus the day before, which included a 0.5 percentage point cut in the reserve requirement ratio.
As a result, the CSI 300 index, which tracks Chinese stocks listed in the U.S., surged by 4.33%, marking the highest increase since the COVID-19 pandemic.
While Chinese electric vehicles uniformly rallied, only Tesla and Lucid among U.S. electric car makers saw rises of 1.71% and 2.89%, respectively, with other companies recording declines.