Shares of electric-vehicle makers got a broad boost Wednesday, bucking the weakness in the broader stock market, as investors cheered Volkswagen AG’s $700 million investment in China-based XPeng Inc.
Also providing support for the EV sector, a group of global automakers said they were working together to build a high-powered charging network that will be accessible to all EV owners. That also appeared to help the shares of EV-charging companies. Among XPeng’s China-based rivals, shares of Nio Inc. NIO shot up 9.6% toward a seven-month high, Li Auto Inc. LI shares climbed 3.2% toward a one-year high and BYD Co.’s BYDDY 002594 stock tacked on 2% toward an 11-month high.
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