Auto stocks continued to rise in early trading. As of press release, Brilliance China (01114) rose 5.12% to HK$6.36; Zero Sports (09863) rose 4.78% to HK$24.1; NIO SW (09866) rose 4.78% to HK$34; Xiaopeng Motor-W (09868) rose 4.49% to HK$29.1; and BYD shares (01211) rose 3.93% to HK$211.8.
The Zhitong Finance App learned that auto stocks continued to rise in early trading. As of press release, Brilliance China (01114) rose 5.12% to HK$6.36; Zero Sports (09863) rose 4.78% to HK$24.1; NIO - SW (09866) rose 4.78% to HK$34; Xiaopeng Automobile-W (09868) rose 4.49% to HK$29.1; and BYD shares (01211) rose 3.93% to HK$211.8.
According to the news, according to data from the China Automobile Association, production and sales of new energy vehicles completed 863 thousand units and 883 thousand units respectively in March 2024, up 28.1% and 35.3% year on year, respectively, and up 86.0% and 85.1%, respectively. Business operations resumed after the Spring Festival, and a large number of new cars were launched, and a new round of price reduction promotions in the car market was combined with policy incentives such as trade-in. Sales of new energy vehicles achieved significant month-on-month growth as scheduled in March, continuing the rapid growth trend over the previous year.
Dongguan Securities pointed out that the price war in the auto market continued in April, and car trade-in rules were gradually introduced in various regions, and downstream demand is expected to continue to grow. Driven by a recovery in demand, the industrial chain production schedule showed a month-on-month upward trend. Recently, overall prices in the industrial chain have remained stable, and industry sentiment is improving. It is expected that Q1 industry chain profits will set a year-round low, and Q2 is expected to recover marginally.