Nio Inc (NASDAQ:NIO) shares are trading higher Monday ahead of China’s first-quarter GDP data release. The Hong Kong stock exchange jumped to an eight-week high ahead of the print.
What To Know: The Chinese government is expected to release first-quarter GDP and March activity data on Tuesday, per Reuters.
Most economists are expecting GDP to have climbed in the quarter as the country pulled back on its COVID-19 restrictions.
“We have seen dividends from COVID policy shift on consumption and investment, including stronger than expected exports,” said China Merchants Securities economist Zhang Yiping.
According to a Reuters poll of economists, GDP growth is expected to have increased to 4%, up from 2.9% a quarter earlier. If economists are right, the number would mark the fastest growth rate since the first quarter of 2022.
What Else: Auto Shanghai 2023, officially known as the Shanghai International Automobile Industry Exhibition, is set to kick off this week.
Nio competitor XPeng Inc (NYSE:XPEV) unveiled its new integrated technology architecture ahead of the event. The new platform architecture called SEPA2.0 offers a series of more advanced architectural solutions expected to shorten the R&D cycle of future vehicle models by 20%.
Related Link: Why XPeng Stock Is Accelerating Higher Today
NIO Price Action: Nio shares were up 2.8% at $9.55 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Nio.
