XPEV - Chinese EV stocks rebound on signal of state-backed financial support

Chinese electric vehicle stocks are accelerating after Xpeng’s (NYSE:XPEV) disclosure of a credit line from the state-owned Agricultural Bank of China. The Guangzhou-headquartered automaker announced it had secured a comprehensive credit line of up to RMB7.5B from the bank on Wednesday morning to support expansion efforts in China.  Shares popped over 5% to the upside following the disclosure, defying the longer term bearish trends for the stock that have seen it shed about 50% of its value in the past six months. The gain for Xpeng (XPEV) appeared to aid the Chinese EV sector generally as a rally was ignited for prominent peers like Nio (NIO), Li Auto (LI), and BYD Company (OTCPK:BYDDY). The broader gain on Wednesday is a welcome reprieve for the broader Chinese EV sector that has been hit hard by lockdowns in China. The strict regulations have severely hampered both demand and supply dynamics for the

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Chinese EV stocks rebound on signal of state-backed financial support