Stocks of many early-stage electric vehicle (EV) companies are on the move higher Thursday. Shares of China-based Nio (NYSE: NIO) and XPeng (NYSE: XPEV) were up 4.7% and 7.5%, respectively, as of 12:45 p.m. ET. After popping as much as 20%, the stock of U.S.-based Canoo (NASDAQ: GOEV) remained up 6.1% at that time.
Today's gain is a continuation of a recovery in these stocks over the last several months. Nio is up 60% over the last 90 days. XPeng and Canoo haven't surged as much, but it seems aggressive investors are moving back into some of the riskier EV sector stocks. For Nio and XPeng, that has come since virus-related lockdowns in China as well as tensions from U.S. House Speaker Nancy Pelosi's visit to Taiwan have eased.
July delivery results from both Nio and XPeng helped bring more optimism to investors. XPeng is growing at a faster pace than its rival right now. Both have now delivered about 220,000 electric vehicles since launching their first products. Since the start of 2022 through July, XPeng has increased its deliveries by 108%, while Nio shipments have grown by 22% year over year.
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Why Nio, XPeng, and Canoo All Shot Higher Today