US Stock Market Move | New energy vehicle concept stocks collectively rose, with NIO Inc. Sponsored ADR Class A (NIO.US) rising by 5%.

On Tuesday, Chinese electric vehicle stocks rose across the board, with NIO Inc. Sponsored ADR Class A (NIO.US) up 5%, XPeng, Inc. ADR Sponsored Class A (XPEV.US) up over 3%, and Li Auto, Inc. Sponsored ADR Class A (LI.US) up over 1%. In terms of news, the National Development and Reform Commission and the Ministry of Finance issued a notice on implementing a large-scale equipment update and consumer goods trade-in policy by 2026. It mentioned support for scrapping and updating cars. Personal consumers who scrap and register their sedans under their own name, and purchase new energy sedans or gasoline sedans with a displacement of 2.0 liters or less that are included in the list of new energy vehicle models eligible for vehicle purchase tax exemption, will receive a subsidy of 12% of the new energy vehicle purchase price (up to a maximum of 20,000 RMB) or 10% of the gasoline sedan purchase price (up to a maximum of 15,000 RMB). The notice also mentioned support for car replacement and updating. Personal consumers who transfer ownership of their sedans under their name, and purchase new energy sedans or gasoline sedans with a displacement of 2.0 liters or less that are included in the list of new energy vehicle models eligible for vehicle purchase tax exemption, will receive a subsidy of 8% of the new energy vehicle purchase price (up to a maximum of 15,000 RMB) or 6% of the gasoline sedan purchase price (up to a maximum of 13,000 RMB).