Stock Track | BYD Surge Lifts Chinese EV Stocks on Strong October Sales

Stock Track11-04

Shares of BYD, China's largest electric vehicle maker, soared 5.6% in Hong Kong and 6.4% in Shenzhen on Friday, following the company's report of a 66.5% year-over-year increase in total sales for October 2024. This strong performance from BYD lifted the broader Chinese EV sector, with stocks like Xpeng, Li Auto, Great Wall Motor, and Leapmotor also rallying on the positive sentiment.

BYD's strong sales momentum has prompted the company to ramp up production by nearly 200,000 units from August to October, while also hiring close to 200,000 new employees in its car manufacturing and components divisions. Executive Vice President He Zhiqi said these efforts were necessary to meet the surging demand for BYD's electric vehicles.

The rally in BYD's shares spilled over to other Chinese EV stocks, with Xpeng jumping 5.8%, Li Auto surging 4.2%, Great Wall Motor rising 4%, and Leapmotor adding 3.6%. Investors are growing increasingly optimistic about the prospects of China's electric vehicle industry, which is benefiting from supportive government policies and rising consumer demand.

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