XPEV - Chinese EV stocks jump as State Council keeps tax cuts in place

US-listed shares of Chinese EV companies Nio (NYSE:NIO), Xpeng (NYSE:XPEV), and Li Auto (LI) accelerated on Thursday as regulators reportedly eye an extension of tax benefits. Per the South China Morning Post, China’s State Council is seeking to keep tax breaks in place to revive demand that was severely dented amid lockdowns. The report noted that officials making up the council expect the tax cuts to spur $29.8B in consumer spend on the vehicles. The meeting was chaired by Chinese premier Li Kieqang, an official that has come to the forefront of pro-reopening policies that stand in contrast to President Xi Jinping’s hardline zero-COVID stance. Beijing has long indicated its plans to cancel government subsidies for EV purchases by 2023. However, the SCMP cited industry sources as broadly expecting that timeline to be pushed as well. Li Auto (LI) led premarket gains with a leap of nearly 7%, followed closely

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Chinese EV stocks jump as State Council keeps tax cuts in place