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Analysts say that while there is little doubt that NEVs will eventually prevail, how long the switch takes remains to be seen and depends a lot on infrastructure and technology improvements as well as how fast automakers can adapt.

Analysts pointed to loose US monetary policy and positive housing data as other supportive factors to stocks during Monday's session, as low borrowing rates have buoyed homebuilders.

Analysts said China's progress in 5G, which enables a much faster data transmission speed, will give a helping hand in facilitating the development of autonomous driving technology in the country.

And it’s not just Seattle where Amazon is growing. In Boston, Amazon just confirmed plans for a new office lease, with room for 900 people working on Alexa, shipping logistics and other departments, according to The Boston Globe.

And services for the remaining eight medium-risk regions are likely to resume in the near future, Wang said, adding that there are no high-risk regions in Shanxi province currently.