Removal of China's EV Subsidies Likely to Hurt Sales Next Year -- Market Talk

Dow Jones2022-12-13

0455 GMT - The expiration of China's subsidies for new energy vehicle purchases in 2023 will likely lift sales this month, due to the last-minute purchases, before sales likely decline next year, say Ken Lee and Jessie Guo, analysts from UOB Kay Hian in a research note. The analysts maintain an underweight rating on the sector, citing the removal of the subsidies. UOB downgraded Geely and Li Auto to hold from buy and XPeng and Weicha to sell from hold as the latter two companies' stock prices have risen well above their target prices. Shares of Geely and Li Auto were last at HK$12.28 and HK$82.45 respectively. Shares if XPeng and Weichai were last at HK$41.45 HK$10.86 respectively.(bingyan.wang@wsj.com)

(END) Dow Jones Newswires

December 12, 2022 23:55 ET (04:55 GMT)

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Eni More James
2022-12-25
Eni More James
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