Hong Kong-listed China EV stocks rise on Beijing’s plan to boost sector’s growth
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Hong Kong-listed shares of Chinese electric vehicle companies soar after China’s commerce ministry reveals plan
Hong Kong-listed shares of Chinese electric vehicle companies rose in late morning trading after China’s commerce ministry revealed its plan for “healthy development of new energy vehicles” in the country.
Shares of BYD Company rose 2.7%, Nio jumped 3.3%, while Xpeng and Li Auto gained 1.2% each, as investors reacted to the news of the government’s support for the sector’s growth.
“Healthy development of new energy vehicle trade cooperation” to support automobile industry transformation
The plan, aimed at promoting the transformation and upgrading of the automobile industry, stated that the “healthy development of new energy vehicle trade cooperation will help promote the transformation and upgrading of the automobile industry, and play an important supporting role in stabilizing and optimizing the structure of foreign trade.”
Positive market response as Hang Seng and CSI 300 indexes gain
The Hang Seng index gained 0.3%, while the CSI 300 index added 0.4% in response to the news, reflecting increased investor confidence in the Chinese electric vehicle sector.
BYD outperforms Tesla by producing over 3 million new energy vehicles
BYD, the Chinese electric vehicle manufacturer, produced more than 3 million new energy vehicles in 2023, surpassing Tesla’s production numbers for a second consecutive year. This impressive achievement demonstrates the rapid growth and competitiveness of Chinese electric vehicle companies in the global market.
— Shreyashi Sanyal
