Why Li Auto Rallied Today
Shares of Chinese electric vehicle maker Li Auto (NASDAQ: LI) rallied as much as 5.1% on Monday, before reverting to a 4.1% gain as of 1:49 p.m. ET.
Though there wasn't much company-specific news, today saw a new report from Bloomberg New Energy Finance suggesting China may materially increase subsidies for its "cash for clunkers" program. That has the potential to spur more new EV sales in China this year, and helped lift all Chinese EV stocks today, especially Li.
Since April, China has instituted a "cash for clunkers" subsidy program, by which citizens can trade in their less-efficient internal combustion engine (ICE) vehicle for a subsidy toward either an electric vehicle or more efficient ICE vehicle. Then in July, China announced it would be doubling the EV subsidy to 20,000 yuan, but declined to give details on how much the government would spend in total.
Source Fool.com
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