Chinese Auto Stocks Surge in Hong Kong; XPeng and Geely Auto Jumps About 7%

Tiger Newspress11-04

Chinese Auto stocks surged in Hong Kong on Monday. XPeng and Geely Auto rose nearly 7%, GWMOTOR and BYD rose more than 5%; Brilliance China rose 4.8%; LI Auto rose 4.1%; NIO rose 0.8%.

Four major Chinese electric vehicle (EV) makers reported record monthly sales in October, buoyed by surging domestic demand, even as they grappled with barriers to overseas growth amid punitive tariffs levied by the European Union (EU).

BYD, the world’s largest EV assembler, sold 502,757 pure-electric and hybrid EVs last month, up 66.5% year on year and 19.8% compared with September, the company said in a statement filed to the Hong Kong and Shanghai stock exchanges on Friday.

Most of BYD’s EVs were sold to domestic customers, with only 31,192 units, or 6.2%, delivered abroad.

XPeng, well known for its autonomous-driving technology, handed 23,917 EVs to mainland customers in October, rewriting its sales record for the second straight month as deliveries beat September’s by 12%.

Leapmotor, backed by Stellantis, sold 38,177 vehicles in October, up 13.1% from September, recording its fifth straight record month.

Zeekr, the premium electric-car maker controlled by Geely Auto, reported 25,049 deliveries in October, 17.4% better than the previous record a month earlier.

Besides, Li Auto delivered 51,443 vehicles in October, up 27.26% year-on-year but down 4.22% from September.

Nio delivered 20,976 vehicles in October, marking the sixth consecutive month above the 20,000-unit mark. This is up 30.50% from 16,074 in the same month last year and down 0.97% from 21,181 in September.

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