Shares of U.S.-listed Chinese electric automakers Nio Inc. (NIO), Xpeng Inc (XPEV) and Li Auto Inc (LI), traded significantly higher in Hong Kong on Monday (local time).

Image: Nio/Benzinga

The Macro Factors: 

The stocks extended gains as investors cheered impressive sales in March. The benchmark Hang Seng Index was up nearly 1.24% at around 12:00 p.m. (local time).

Chinese EV makers saw a strong sales rebound in March that indicates significant recovery potential for the rest of the year. 

Companies In The News: 

Tesla’s (TSLA) rival Nio sold 38% more vehicles compared to last year and saw an almost 63% rebound in sales from February.

Outpacing Nio, XPeng sold 15,414 EVs in March, up almost 202% compared to a year earlier and a 148% increase from February.

In March, Li Auto sold 11,034 Li-One hybrid SUVs, a 125% hike from the same period last year and up 31% from February.

Meanwhile, China’s EV sales surged 169% to a record 2.99 million vehicles in 2021.