Shares of several Chinese EV companies are trading higher following a report suggesting China's cabinet said it will extend and optimize its purchase tax exemption for new energy vehicles.
Portfolio Pulse from Benzinga Newsdesk
Chinese EV stocks are trading higher after a report indicated that China's cabinet plans to extend and optimize its purchase tax exemption for new energy vehicles.
June 02, 2023 | 12:54 pm
News sentiment analysis
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POSITIVE IMPACT
Li Auto's stock is trading higher due to China's plan to extend and optimize its purchase tax exemption for new energy vehicles.
The extension and optimization of the purchase tax exemption will likely boost demand for new energy vehicles, benefiting Li Auto and leading to a higher stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
NIO's stock is trading higher following China's plan to extend and optimize its purchase tax exemption for new energy vehicles.
The extension and optimization of the purchase tax exemption will likely boost demand for new energy vehicles, benefiting NIO and leading to a higher stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
XPeng's stock is trading higher due to China's plan to extend and optimize its purchase tax exemption for new energy vehicles.
The extension and optimization of the purchase tax exemption will likely boost demand for new energy vehicles, benefiting XPeng and leading to a higher stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100