Chinese EV stocks rise, Li Auto (LI.US) up over 9%
1min read Li Auto (LI.US) shares rose on Tuesday, up more than 9% at the time of writing to US$20.77. All Chinese EV stocks rose, with Neta Auto (NIO.US) up more than 4% and Xpeng (XPEV.US) up more than 4.7%. On the news, the National Financial Regulatory Authority issued a notice on promoting the support of non-bank financial institutions for large-scale equipment renewal and consumer goods with old for new action.
It proposed to increase auto financing services, support auto old-for-new. Encourage auto finance companies and financial companies operating auto finance businesses to increase financing support for municipal transportation enterprises, help promote the application of new energy vehicles, promote the electrification of urban buses, and update and replace old new energy buses and power batteries; encourage appropriately reducing the down payment ratio of auto loans, reasonably determining the loan term and credit limit, and lowering the threshold of auto consumption. Encourage enriching auto financial products, providing auto replacement car follow-up loans and other financial services in the vehicle replacement link, and appropriately exempting early repayment penalties to support auto old-for-new; encourage strengthening cooperation with auto manufacturers, striving for interest subsidies, and improving consumer satisfaction.