On a day when the Nasdaq index is down more than 2%, it shouldn't be surprising that aggressive growth names in the EV sector are leading the way. In addition to market sentiment going against high-growth, speculative companies such as these, Chinese stocks in general are in the crosshairs today. Despite the recent macro factors impacting the share prices of Nio, XPeng, and Li Auto, each company reported strong growth in its latest delivery update.
Despite NIO, LI and XPEV recording triple-digit percentage rise in November delivery count, the companies closed in the red yesterday amid renewed coronavirus concerns.
While Li Auto (LI) impresses investors with a massive revenue surge in Q3 and looks well poised to tap the EV frenzy, it may not be a prudent pick at the current price level.