China EV Stocks Gain As Key Auto Show Opens; XPeng Leaps 13% On New Platform

XPeng’s announcement is an example of an EV business with “digital DNA planning its technology roadmap,” said Bill Russo, founder and CEO of Shanghai-headquartered auto consultancy Automobility in written comments. “The foundation of smart EVs is built on integrated electronics and software that can be continually and frequently upgraded without changing the base hardware platform.”

“XPeng vehicles will succeed or fail based on whether the market assigns value to the unique user experience made possible with this software defined architecture,” he said. Among other Chinese automakers listed in the U.S., Nio today rose by 6% to $9.83; Li Auto rose by 6.1% to $26.13. “The China market is currently in a period of historic transition to new energy vehicles, the likes of which is unparalleled elsewhere on the planet,” Russo said in a research note this week. “This transition is not favorable for legacy carmakers who must now determine how they intend to get back into this new game.”

China’s rising industry clout isn’t only at home. The country exported a total of 994,000 vehicles in the first quarter of 2023, an increase of 70.6% from a year ago, according to the China Association of Automobile Manufacturers, Xinhua reported yesterday. Exports of new-energy vehicles more than doubled to 248,000 units during the period, it said.... [+]SOPA Images/LightRocket via Getty Images

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