Nio opened up 13.96 percent, Xpeng rose 11.47 percent and Li Auto gained 13.6 percent.

Electric vehicle (EV) stocks trading in Hong Kong opened sharply higher today after several days of panic selling.

Nio (NYSE: NIO, HKG: 9866) opened up 13.96 percent to HK$124.9, Xpeng Motors (NYSE: XPEV, HKG: 9868) rose 11.47 percent to HK$82.1 and Li Auto (NASDAQ: LI, HKG: 2015) rose 13.6 percent to HK$78.5.

The broader market opened sharply higher today, with the Hang Seng Index up 2.94 percent and the Hang Seng Tech Index up 6.26 percent.

China's leading EV companies all rose sharply in the US market overnight, with Nio closing up 5.89 percent, Xpeng up 7.59 percent and Li Auto up 12.22 percent.

BYD opened up 6.95 percent in Hong Kong today, while Evergrande New Energy Vehicle Group rose 6.74 percent.

Neither the plunge of the past few days nor today's sharp rally seems to be related to the fundamentals of these companies, but rather investor risk appetite plays a major role.

Fundamentally, there are no major changes in the business of the Chinese EV trio, although there is some notable news.

Norges Bank increased its position in Nio by 31 percent, in Li Auto by 990 percent and in Xpeng by 20 percent in the fourth quarter.

Xpeng was recently accused by some users of making the battery less available through OTA upgrades. The company said Tuesday its flying car HT Aero debuted its flying car X2 in Europe on March 10.

Li Auto is expected to announce more information about the new SUV L9 today, which analysts at Soochow Securities said on Monday could be the hottest seller in the NEV market in 2022.

BYD announced on the evening of March 15 that it will raise the official guide prices of its Dynasty and Ocean series of new energy models by RMB 3,000 ($471) to RMB 6,000 starting Wednesday. This is less than two months after BYD's last price increase.