Shares of Chinese EV makers popped in early trading Tuesday. The excitement was due to the latest earnings report from fast-growing XPeng (NYSE: XPEV) , which came after shares of competitor Nio (NYSE: NIO) soared yesterday.
Shares of XPeng jumped nearly 14% in early trading after investors got a look at its third-quarter report. Nio shares, which had soared 6.5% yesterday, also gained another 4% early in Tuesday's session. As of 11:40 a.m. ET, those gains had sagged, but Xpeng shares remained 7.2% higher, while those of Nio came back to breakeven.
It wasn't just that XPeng tripled its deliveries in the third quarter versus the year-ago period. Its gross margin soared both sequentially and year over year to 14.4%. That represented a jump of 250 basis points above its second-quarter 2021 performance. And investors liked what they have to look forward to from both companies, as well.
For further details see:
Why XPeng Shares Jumped and Brought Nio Along for the Ride