BYD, Xpeng lead slide in EV makers, China says to consolidate overcrowded industry

Reuters2021-09-13

** Hong Kong shares of BYD Co Ltd lead slide in electric vehicle $(EV)$ manufacturers, falling 3.9% to HK$251.40, on course for the biggest daily percentage decline since Aug. 16

** Rival Xpeng Inc drops 3.2% to HK$148.60, its lowest since Aug. 23

** China has "too many" EV makers and the government will encourage consolidation, Industry and Information Technology Minister Xiao Yaqing said on Monday

** The government's promotion of greener vehicles to cut pollution has prompted electric-car makers such as Nio Inc, Xpeng and BYD Co Ltd to expand manufacturing capacity in China

** Stock of Xiaomi Corp , which has completed the official business registration of its electric vehicle unit, falls 3.7% to HK$23.20, the lowest since Aug. 20,

** Shares of China Evergrande New Energy Vehicle Group plunge 8.7% to HK$5.06, lowest since Aug. 26

** The Hong Kong Hang Seng Commerce & Industry Index falls 3.4% and the Hang Seng Tech Index drops 2.8%

** The Hang Seng China Enterprises Index and the benchmark index both ease 2%

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  • Eded
    2021-09-13
    Eded
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