GOEV - Electric vehicle stocks gain after Li Auto earnings shine Tesla pushes ahead in Germany

The electric vehicle sector is setting up for a bounce back from Friday's selling pressure after Li Auto's (NASDAQ:LI) earnings report came in strong and with Tesla (NASDAQ:TSLA) appearing to move closer to producing vehicles in Germany. Li Auto (LI) reported a surprise Q3 GAAP profit and pointed to strong order intake. "We will further increase our production capacity through the addition of the Beijing manufacturing base, and consistently expand our sales and servicing network to prepare our business growth," noted the Chinese automaker on its plans. Meanwhile, Tesla's (TSLA) Gigafactory in Berlin could start Model Y production by the end of December, according to German media outlets. The EV sector is also benefiting broadly from investors returning back to riskier assets after Friday's COVID-variant related jump to safety. Premarket action: Li Auto (LI) +8.33%, XPeng (NYSE:XPEV) +2.86%, Nio (NYSE:NIO) +2.45%, Tesla (TSLA) +1.65%, Nikola (NASDAQ:NKLA) +2.49%, Canoo (NASDAQ:GOEV) +1.80%, Faraday Intelligent Electric (NASDAQ:FFIE)

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Electric vehicle stocks gain after Li Auto earnings shine, Tesla pushes ahead in Germany