NIO - Electric vehicle stocks push higher on hopes for supply chain relief in China

The electric vehicle sector showed some energy on Wednesday after COVID restrictions in Shanghai were eased a bit. Some residents of Shanghai were allowed out of their houses and apartments following a two-week shutdown period tied to a rapidly rising number of COVID cases. The Chinese government said some markets and pharmacies would reopen even with health official warning that Shanghai does not have the outbreak all the way under under control yet. Social media reports have cropped up over the last few days showing various forms of protests in Shanghai over the lockdowns. The re-opening of Shanghai would be positive for companies producing vehicles in China like Tesla (TSLA +2.5%), Li Auto (LI +4.7%), Nio (NIO +4.0%), XPeng (XPEV +6.3%) and Kandi Technologies (NASDAQ:KNDI +2.6%). The hope is that tier 1 suppliers could ramp up production again, although there are some concerns that tier 2, tier 3 and tier

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Electric vehicle stocks push higher on hopes for supply chain relief in China