Market Chatter: Guangzhou Automobile Group Launches Fourth Model in Hong Kong as EV Sales Rise; Shares Jump 3%

MT Newswires Live2024-12-06

Guangzhou Automobile Group (HKG:2238, SHA:601238) introduced its Hyptec HT model, the company's fourth model, in Hong Kong, the South China Morning Post reported Thursday.

The vehicle is being marketed as a mid-range to high-end sports utility vehicle, the report said.

The launch comes as GAC expects a rapid increase in EV sales amid its adoption of the technology, the SCMP said.

GAC sold 600 cars in Hong Kong so far in 2024 and expects between 1,000 and 2,000 cars sold in Hong Kong and Macau in 2025, the report said.

The company forecasts it will launch at least one new model in Hong Kong in 2025, the report said.

Shares jumped 3% in Hong Kong during Friday's morning trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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