HomeBusinessEV charging stock soars on gains as Chinese EV stocks hit new...

EV charging stock soars on gains as Chinese EV stocks hit new highs

EVgo (EVgo) rose during earnings on Thursday li car (LI) hit a new high ahead of earnings expected next week.


Among Li’s China EV startup colleagues, Nio (NIO) and Xpeng (XPEV) recovered.

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EVgo stock

Los Angeles-based EVgo posted second-quarter revenue of $50.6 million late Wednesday, beating estimates. A loss of 8 cents per share was also less than expected.

In addition, the electric vehicle charging network increased its full-year revenue forecast. Sales from the private label eXtend unit for businesses made up approximately two-thirds of total sales during the quarter.

EVgo shares rose nearly 24% to 5.24 during Thursday’s stock market action. EVgo stock has plummeted over the past year and remains well below its August 2022 high of 12.65.

Li car stock

China’s Li Auto extended its rally to a fifth day and earnings are expected on Tuesday.

The maker of premium hybrid-electric vehicles is expected to post a strong second quarter on the back of strong electric vehicle sales, which exceeded high expectations for the period. A clear leader among Chinese startups this year, Li earns a spot on the IBD 50 list of top growth stocks.

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Outlook may be more important than Q2 performance. Deutsche Bank analysts expect Li to lead to Q3 shipments of about 100,000 units due to strong demand for the L7 and L8 SUVs. That would be an increase from the 86,533 units in the second quarter. Investors will also be on the lookout this year for updates on a price war in China’s electric vehicle market.

Shares of China’s EV stocks rose 4.7% to 46.48 on Thursday. Li shares hit another 52-week intraday high after more than doubling year-to-date. Shares are up 130% since December 31.

Startups Li, Nio and XPeng all announced momentum in July EV sales on Tuesday. Li Auto’s deliveries exceeded 30,000 for the second month in a row in July.

Nio share rose 7.9% on Thursday, while XPeng share gained 4.6%.

Shares of Nio and XPeng lagged Li shares but are starting to rise. Both trailing EV stocks have more than doubled from their 52-week lows, while anticipation of a stronger second half of 2023 rises thanks to new models.

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Xpeng reports August 18. Nio has not announced an earnings date.


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