Investors have shown that they are ready to back Chinese EV stocks, provided they are profitable. Li Auto Inc, one of the leading EV startups in China, reported a net income of 11.8 billion yuan ($1.6 billion) for 2023, becoming the first among its peers that include XPeng and Nio to achieve an annual profit. The company's shares surged 25% in Hong Kong on Feb 27, the biggest jump since March 2022, as investors rewarded its profitability amid a competitive EV market. Notably, Li has outperformed XPeng over the past year, as it's up 50% while XPeng is flat.