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Tesla, other EV stocks rally after China signals support for its auto industry

News Snapshot:

Shares of Tesla Inc. and Nio Inc. led the way Thursday among auto makers and related stocks after China unveiled plans to support its auto industry, including signaling it may extend tax incentives for electric vehicles. American depositary shares of Chinese EV maker Nio NIO, rallied 8%, while the ADRs of smaller competitors Li Auto Inc. LI, and XPeng Inc. XPEV, rose 1.5% and 5%, respectively. Tesla TSLA, shares advanced 4%. Other top gainers included shares of EV charging company EVGo Inc. EVGO, which jumped nearly 12%. Shares of startup Faraday Future Intelligent Electric Inc. FFIE, which has promised to…

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