shares of major chinese electric car makers jumped in hong kong as investors welcomed beijings latest plan to launch more auto consumption stimulus measures nio inc soared as much as 74 within an hour of trading and shares were last up 67 xpeng inc gained 28 and geely automobile holdings ltd added 25 the uslisted shares of nio and xpeng advanced 80 and 55 respectively on wall street overnight the sectors upturn came after beijing on thursday unveiled plans to further boost auto consumption to shore up the economy amid mounting slowdown pressures after a brutal pandemic resurgence and strict movement restrictions earlier this year the new measures included potentially extending a tax break for new energy vehicle purchases encouraging companies to offer more discounts and stepping up the building of ev charging stations the auto industry has been a key beneficiary of chinese authorities efforts to support consumption and economic activities in late may officials in a state council meeting said they would cut purchase taxes on nonev passenger cars for a certain period of time waiving a total of about 9 billion in taxes