Chinese electric vehicle (EV) stocks are climbing higher on Wednesday and they have Xpeng (NYSE:XPEV) to thank for the positive movement.
Specifically, today’s move is due to Xpeng releasing its earnings report for the third quarter of 2022. The company had a mixed report with adjusted earnings per share of -36 cents alongside revenue of $960 million.
When compared to Wall Street’s estimates, those aren’t the results traders had hoped for. EPS matched what analysts had expected, but revenue came in below the expected $1.01 billion for the quarter.
Instead, strong guidance is what’s really helping out Chinese EV stocks today. Xpeng foresees Q4 deliveries of between 20,000 and 21,000 vehicles, which is better than what investors have forecast.
That positive guidance is helping out other EV companies on Wednesday, even without direct news from them. Let’s check out how the Xpeng report is affecting shares of Chinese EV stocks across the board!
Chinese EV Stocks Up on Wednesday
- XPEV stock starts us off with a 38.4% gain as of Wednesday morning.
- Li Auto (NASDAQ:LI) is up next with the company’s shares rising 17% as of this writing.
- Nio (NYSE:NIO) closes out our Chinese EV stocks rising today with a 17.5% increase this morning.
Investors looking for more of the most recent stock market news will want to stick around!
We have all of the biggest stock market stories that traders need to know about for Wednesday! That includes a look at investors betting big on XPEV stock, more details from the Xpeng earnings report and what has Horizon Therapeutics (NASDAQ:HZNP) stock climbing higher today. You can catch up on all of this news at the links below!
More Wednesday Stock Market News
- 5 Investors Betting Big on Xpeng (XPEV) Stock
- Why Is Xpeng (XPEV) Stock Up 35% Today?
- Why Is Horizon Therapeutics (HZNP) Stock Up 30% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
