Chinese EV maker Zeekr accelerates after strong NYSE debut

Bollinger Innovations

13/05/2024 17:32

** U.S.-listed shares of Zeekr  ZK.N  jump 14.1% to as high
as $32.24 on Mon, a day after China-based EV maker's stellar
NYSE debut
    ** ZK's shares last up 8.8% at $30.75
    ** ZK on Fri scored ~35% first-day gain after Geely-backed
firm's IPO priced at $21, top of the marketed range of $18-$21
    ** Stock's rise comes as U.S. President Joe Biden set to
announce new China tariffs, including a major hike in levies on
EVs
    ** Other U.S.-listed Chinese EV stocks also gain on the
session: Nio  NIO.N  6%, Xpeng  XPEV.N  6%, Li Auto  LI.O  1%
    ** Vietnamese EV firm VinFast Auto  VFS.O  rallies 26% on
Mon
    ** Shares of U.S. EV firms, which have fallen sharply
recently amid fierce competition and waning customer demand,
advance on Mon: Tesla  TSLA.O  2%, Rivian Automotive  RIVN.O 
9%, Lucid  LCID.O  6%, Nikola  NKLA.O  4%
    ** EV charging and battery firms ChargePoint Holdings
 CHPT.N , Blink Charging  BLNK.O  and QuantumScape  QS.N  all up
>10%
    ** CHPT and BLNK have gained ground since Elon Musk
disbanded TSLA's EV charging team at end of Apr

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))