Call it the Shanghai bump.
The Auto Shanghai auto show — one of the world’s largest gathering of car enthusiasts — appears to be giving a serious jolt to electric vehicle (EV) stocks, especially Chinese ones.
NIO (NIO) jumped 7.1% on Monday, Zeekr Intelligent Technology Holding Limited (ZK) climbed 4.9%, and Li Auto (LI) gained 3.5%.
Chinese self-driving startup Pony AI (PONY), which soared 39.4% last week after unveiling its seventh-generation robotaxi fleet at Auto Shanghai, surged another 47.2% on Monday.
The exhibition, which kicked off on April 23, runs through May 2.
Even American EV maker Rivian Automotive (RIVN) — which didn’t unveil any new vehicles at the show — was up 4.5% Monday.
The timing couldn’t be better for EV startups. Tesla (TSLA) reported last month that its China sales plunged 49% year over year in February.
That creates an opening not just for Chinese giant BYD, but also for newer players looking to carve out market share on their home turf.
A big market getting bigger
The EV market in Asia is projected to reach $407.6 billion in revenue this year, with a forecasted 2.68% annual growth rate driving it to $453.1 billion by 2029.
NIO — which owns sub-brands ONVO and firefly — showcased 11 new models across its three brands at Auto Shanghai, laying out aggressive plans to ramp up production.
"In 2025, NIO is ushering in a year of technological harvest and is rapidly moving into a new product cycle, planning to launch nine models under its three brands," CEO William Li said in a press conference.
"There will be a major new model for every quarter," he boasted without mincing words.
NIO delivered 42,000 vehicles in the first quarter. Citi analyst Jeff Chung projects that number could jump to 63,000 in Q2.
Meanwhile, luxury EV maker Zeekr — part of China's Geely Group, which also owns Volvo — unveiled a new hybrid SUV drawing comparisons to Rolls-Royce.
The company, which manufactures vehicles in Gothenburg, Sweden, plans to expand into the UK market in early 2026.
"Our statement is always that we have the power of a giant with a European soul, and that makes us really unique," Zeekr Europe CEO Lothar Schupet told the Independent at the show.
"We are not just exporting cars here from China to Europe — we have heavily invested with Zeekr in Europe."
Li Auto, meanwhile, unveiled three new models at Auto Shanghai and posted a strong first quarter, delivering 92,864 vehicles — a 15.5% year-over-year increase.
Unlike many EV startups still burning cash, Li Auto reported a net income of $1.5 billion in 2024.
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