Hong Kong-listed shares of Chinese electric vehicle makers gained on Friday.
XPeng rose 19%, Geely Auto rose 6.1%, NIO rose 5.9%, Xiaomi rose 3%, BYD rose 2%, and Li Auto rose 1%.
XPENG-W said P7+ enjoyed 31,528 confirmed orders as of Nov. 8, breaking all previous records.
XPeng Thursday officially launched its new electric sedan, the P7+, starting at a price significantly lower than its pre-sale price, as it looks to make it the next blockbuster car after the Mona M03.
The Chinese electric vehicle (EV) maker rolled out the P7+ at an event in Guangzhou, where it is headquartered, with a starting price of RMB 186,800 yuan ($26,100).
The price is RMB 23,000, or 11 percent, lower than the RMB 209,800 price the model was offered for pre-sales on October 14.
NIO-SW will release its unaudited financial results for the third quarter of 2024 on Wednesday, November 20, before the US markets open.
Nio delivered a record 61,855 vehicles in the third quarter, which is within the guidance range of 61,000 to 63,000 vehicles.
In a November 1 research note, Deutsche Bank analyst Wang Bin's team estimated that Nio's net loss in the third quarter would fall 5 percent sequentially to RMB 4.9 billion, thanks to a sequential improvement in gross margin.
The team expected Nio's vehicle margin and overall gross margin to both improve 0.3 percentage points sequentially to 12.5 percent and 10.0 percent, respectively, in the third quarter.
Nio previously guided for further sequential growth in automotive gross margin in the second half of 2024. In particular, it guided for the Nio main brand's vehicle margin to reach 15 percent in the fourth quarter of 2024, Wang's team noted.
The company's management attributed the expected margin expansion to economies of scale from increased volumes, lower supply chain costs, and improved product mix, according to Deutsche Bank.
