China EV Makers Look Well-Placed for Overseas Expansion, HSBC Says -- Market Talk

Dow Jones08-07

0648 GMT - Overseas sales of Chinese EVs are projected to reach 4 million by around 2030 from 424,000 in 2023, driven by Asean, Brazil and the Middle East regions, HSBC analysts say in a research note. Chinese EVs are well-positioned for overseas expansion given the country's mature EV supply chain, cost and software advantages, and overall product quality, they say. EV makers' strategy of both exporting and building overseas production facilities could mitigate potential trade tensions and support growth in market share, they say. HSBC thinks BYD is best positioned to expand internationally given its strong presence in both the mass market and premium EV segments. The bank remains cautious on SAIC Motor and Great Wall Motor as their exports are currently largely driven by internal-combustion engine vehicles. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

August 07, 2024 02:48 ET (06:48 GMT)

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EV makers' strategy of both exporting and building overseas production facilities could mitigate potential trade tensions and support growth in market share, they say. HSBC thinks BYD is best positioned to expand internationally given its strong presence in both the mass market and premium EV segments. The bank remains cautious on SAIC Motor and Great Wall Motor as their exports are currently largely driven by internal-combustion engine vehicles. 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