XPeng, Nio stocks rally toward fresh highs, to extend the previous session’s big gains

Shares of XPeng Inc.
XPEV,
+26.69%
ran up 6.6% toward a fresh 11-month high in premarket trading Thursday, to extend the big rally in the previous session. The China-based electric vehicle maker’s stock has shot up 26.7% on Wednesday, the biggest one-day gain in eight months and the to the highest close since Aug. 22, 2022, after Volkswagen AG
VWAGY,
-0.48%

VOW,
-1.74%
said it was making a $700 million investment. Shares of XPeng rivals in China also extended gains, with Nio Inc.’s stock
NIO,
+10.58%
climbing 5.1% toward a nine-month high after run up 10.6% on Wednesday, and Li Auto Inc. shares
LI,
+3.56%
gaining 0.8% after rallying 3.6% the day before.