⚡ Rebound for electric vehicles post earnings selloff deemed excessive

➡️ EV makers such as Nio Singapore and BYD are leading this morning's China rebound, clocking gains of 7% each as of 11AM, recouping losses made during the week

➡️ The last time BYD shares had a bigger move was 3 months ago on 29 May. Today's move is accompanied by trading volume that is triple the daily average for this time of the day

📊 BYD shares had fallen as much as 4% yesterday, after posting first half net income that rose to 13.63 billion yuan from 10.95 billion yuan a year earlier. An analyst was quoted on Bloomberg stating that the results were “impressive” compared with losses that local and global peers have been incurring for some time

📊 Nio Singapore shares had been dragged down along the rest of Chinese EV shares this week, losing 6% this week prior to today's rebound. The company has yet to report earnings.

ℹ️ According to options data compiled by Bloomberg, Nio shares may move 10% after the company reports earnings on 5 September. In two out of the past eight earnings, the company's stock price moved more after the announcement than implied by the options (Bloomberg)