Auto stocks declined collectively. As of press release, Brilliance China (01114) fell 6.12% to HK$6.9. Xiaopeng Automobile-W (09868) fell 3.75% to HK$28.2; Ideal Automobile-W (02015) fell 3.36% to HK$112.3.
The Zhitong Finance App learned that auto stocks were falling collectively. As of press release, Brilliance China (01114) fell 6.12% to HK$6.9. Xiaopeng Motor-W (09868) fell 3.75% to HK$28.2; Ideal Automobile-W (02015) fell 3.36% to HK$112.3.
According to the news, according to incomplete statistics, as soon as April began, more than 10 brands launched promotions one after another. Cui Dongshu, Secretary General of the Passenger Transport Federation, published an article stating that the scale of price cuts in the first quarter of 2024 has already exceeded 60% of the whole of 2023, which is equivalent to the total price reduction in 2022. He said that the effect of the price war on short-term sales promotion is not obvious. Especially when prices are unstable, consumer wait-and-see sentiment is particularly strong, putting some pressure on the car market sales in the short term.
Additionally, Tesla will cut 10% of its workforce globally. Affected by rumors of layoffs and declining performance, Tesla's stock price plummeted by more than 5% overnight, and the market capitalization evaporated to 34 billion US dollars, equivalent to about 220 billion yuan. According to the delivery data for the first quarter of 2024 previously released by Tesla, in the first quarter of this year, Tesla produced a total of 433,400 electric vehicles worldwide, with deliveries of 386,800 units, all lower than Wall Street expectations.