Shares of Li Auto (LI) are moving up after the company posted fourth-quarter earnings, with other Chinese automaker stocks getting a lift off of their strong results. While there has been a decrease in EV demand across the US, will China see the same weakness in its auto market? Kraneshare Senior Investment Strategist Anthony Sassine joins Yahoo Finance to discuss the Chinese auto market as well as the broader auto sector, highlighting EVs and how their potential success going forward. When asked how EV-focused auto stocks may perform this year, Sassine says: "Over the long-term, I think EVs are going to be fine. Because we're trying to replace 1.3 billion ICE [Internal Combustion Engine] cars with EVs... So, there's still a long way to go. But, in down cycles like this year where we're going through a transitional period between two growth waves. The high-quality cars will float to the top. We're seeing that with Li Auto. Li Auto was only $28 or $26 like two weeks ago. Right now, after that bump you're seeing it at $40 [per share]." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino
- Earnings Call Scheduled for 8:00 a.m. ET on March 19, 2024 -GUANGZHOU, China, Feb. 26, 2024 (GLOBE NEWSWIRE) -- XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced that it will report its fourth quarter and fiscal year 2023 unaudited financial results on Tuesday, March 19, 2024, before the open of U.S. markets. The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time
China's Xpeng on Thursday said it has established a strategic partnership with UAE-based Ali&Sons and added Italy to its Europe plans, as the electric vehicle maker ramps up overseas expansion. The announcement adds to Xpeng's partnerships with local dealers for the Egypt, Azerbaijan, Jordan and Lebanon markets. Multiple Xpeng models will go on sale in the five Middle East and North African countries starting in the second quarter of this year, the company said in a statement on its WeChat account.