BYD's March Sales Soar, Implying a Further Rise in China's NEV Demand?
[For Hong Kong Investors Only] Benefiting from competitive pricing and the introduction of new models, mainland China witnessed a significant increase in sales of NEVs in March. The China Automobile Dealers Association predicts that wholesale sales of NEVs nationwide will reach 820,000 units in March 2024, marking a 33% YoY increase and an 84% MoM growth. Among them, BYD stands out with over 300,000 vehicles sold in March, a 46% YoY growth*.
Furthermore, with Xiaomi's successful launch of the SU7 and the anticipation of new consumer demand, along with other manufacturers launching new promotional campaigns in April, the growth of EV sales is expected to accelerate, stimulating a new phase of industry growth.
Global X China Electric Vehicle and Battery ETF (2845) $GX中国电车(02845)$ invests in China's EV and battery industry covering various parts within the chain, with BYD being the second-largest holding^.
Explore the Global X China Electric Vehicle and Battery ETF (2845) and its risk factors: https://www.globalxetfs.com.hk/funds/china-electric-vehicle-etf/
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