EV stocks jumped in Hong Kong with XPeng up 13%, NIO up 9%, Leapmotor up 4%, Xiaomi up 3%, BYD up 1%, Li Auto up 0.8%.

XPeng chairman and CEO He Xiaopeng has increased stake in his company, marking a further increase since August last year.

Mr. He purchased 3.1 million shares of Class A ordinary share in the company on August 20-21 through Galaxy Dynasty, a company wholly owned by him, at an average price of HKD 80.49 per share of Class A ordinary share, according to a Hong Kong Stock Exchange announcement.

This demonstrates Mr. He's confidence in the company's prospects and growth potential, as well as his long-term commitment to the company, XPeng said.

NIO's flagship SUV ( sport utility vehicle ) ES8 has never been a direct competitor to the Tesla Model Y.

Now, with the debut of the new-generation ES8, the pricing of the Nio SUV has dropped into the range of one of the best-selling cars in China.

Nio unveiled the all-new ES8 at an event held yesterday in Chengdu, Sichuan, and highlighted its product and technological features.

The large SUV has begun pre-sales, with official launch and deliveries set to begin at Nio Day 2025 in late September.