Stocks

Boosted by its local peers' better-than-expected earnings report, Chinese electric vehicle (EV) maker NIO (NYSE: NIO) shares surged above $50 in pre-market trading session on Friday, hitting a new all-time high.

Chinese electric car maker Li Auto (NASDAQ:LI) posted third-quarter revenue of RMB 2.511 billion, which was well above the market's expectations of RMB 1.925 billion. The company reported a net loss of RMB 107 million for the third quarter, which was below market expectations of a loss of RMB 502 million.

China's emerging e-commerce platform Pinduoduo posted revenue of around RMB 14.21 billion in the third quarter, up 89 percent year-on-year. Driven by strong revenue, Pinduoduo achieved its first quarterly profit since its IPO, according to the company's earnings report released on November 12.

Four weeks ago, JP Morgan sharply raised NIO price target from $14 to $40, representing a 85% upside potential at that time.

BYD shares traded in China's A-shares rose 3.04 percent to close at RMB 190.44 on Nov. 6, bringing its market capitalization to RMB 519.5 billion. Since the beginning of the year, BYD's share price has risen as much as 295 percent.

Short sellers in Chinese electric vehicle (EV) maker NIO (NYSE: NIO) lost $155 million on November 3, bringing their cumulative losses this year to $2.66 billion, according to data from financial analytics firm S3 Partners.

Alibaba's revenue rose 30 percent year-on-year to RMB 155.06 billion in the second quarter of fiscal 2021, which ended September 30, 2020, slightly ahead of market expectations of RMB 154.84 billion.

US-listed Kaixin Auto Holdings (KXIN.US) today announced the signing of a binding letter of intent to invest and a management restructuring with Haitaoche Limited on November 3.

On November 4, BYD released sales figures showing that the company sold 48,000 cars in October, up 16% year-on-year.

Shares of US-traded Chinese electric car makers - NIO, XPeng, and Li Auto - all rose sharply as Citi issued a bullish report.