Auto stocks collectively opened higher. As of press release, Xiaopeng Automobile-W (09868) rose 8.35% to HK$37; Ideal Automobile-W (02015) rose 7.06% to HK$115.2.
The Zhitong Finance App learned that auto stocks were collectively higher. As of press release, Xiaopeng Automobile-W (09868) rose 8.35% to HK$37; Ideal Automobile-W (02015) rose 7.06% to HK$115.2; BYD shares (01211) rose 3.2% to HK$232.2; and NIO - SW (09866) rose 1.97% to HK$44.
According to the news, a number of NEV companies recently announced sales results for April 2024. Specifically, NIO delivered 15,600 new vehicles in April, up 134.6% year on year, up 31.6% month on month; Ideal Auto delivered about 25,800 cars in April, up 0.4% year on year. Xiaopeng Motor delivered 9,393 new cars in April, up 33% year on year and 4% month on month; Zero Sports delivered more than 15,000 new cars in April, of which the SUVs Gemini C11 and C10 all delivered more than 10,000. According to Minsheng Securities, the nine sample newcomer car companies delivered a total of 151,168 vehicles, up 36.5% year on year and 0.8% month on month. The year-on-year increase was significant.
Furthermore, car trade-in rules have recently been introduced. CITIC Construction Investment said that since “trade-in” was proposed in early March, terminal wait-and-see orders have clearly accumulated, and demand is expected to be released intensively starting in May. The bank expects that this round of subsidies is expected to drive an increase of 2.58 million vehicles, support an increase in domestic demand throughout the year, compounded by the continued export boom, and the industry's growth rate is expected to rise to double digits. Minsheng Securities pointed out that with the introduction of the trade-in policy at the end of April and the opening of the Beijing Auto Show, consumers' attention to the car market has increased, which is expected to stimulate the accelerated release of demand for car purchases that had been suppressed earlier.