TSLA - Nio leads recovery day in EV sector as Shanghai-area production levels improve

Chinese electric vehicle stocks Nio (NIO +10.1%), Li Auto (LI +9.0%), and XPeng (XPEV +6.7%) broke higher in early trading on Tuesday as investors dip back in again following the sharp selloff on Monday. The COVID news out of Shanghai was improved with 96.3% of industrial businesses tracked by the government reported to be back to operating, with a production rate above 70%. Vice Minister Xin Guobin told reporters that auto industry production is steadily increasing in Shanghai and the neighboring provinces of Jiangsu, Zhejiang and Anhui. That read is also positive for the auto supply chain in general. Other gainers in the EV sector in Tuesday morning trading included Embark Technology (EMBK +14.7%), REV Group (REVG +2.9%), AEye (LIDR +4.9%), Helbiz (HLBZ +3.0%), and Niu Technologies (NIU +3.1%). Tesla (NASDAQ:TSLA +0.4%) is also back in positive territory. Morgan Stanley thinks the focus on if Tesla (TSLA) will meet Q2

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Nio leads recovery day in EV sector as Shanghai-area production levels improve