On April 29th, auto stocks were collectively higher in early trading. As of press release,$LEAPMOTOR (09863.HK)$increased by 8.22% to HK$27;$XPENG-W (09868.HK)$up 4.79% to HK$31.75;$NIO-SW (09866.HK)$It rose 4.89% to HK$36.5.$GEELY AUTO (00175.HK)$It rose 2.88% to HK$9.66.
According to the news, 7 departments including the Ministry of Commerce have clarified financial subsidy policies for automobile trade-in. From the date the rules are issued until December 31, 2024, a one-time fixed subsidy will be given to individual consumers who scrap passenger cars with national 3 or lower emissions or new energy passenger vehicles registered before April 30, 2018, and purchase new energy passenger cars/2.0L and lower fuel vehicles, including a subsidy of 10,000 yuan for the purchase of new energy passenger vehicles and 7,000 yuan for the purchase of fuel vehicles. Guojin Securities pointed out that the strength of the trade-in policy exceeded expectations. Previously, the market was concerned about the sustainability of automobile sales and price wars this year. Under the protection of policies, the domestic automobile boom is expected to exceed expectations again this year.
In addition, according to data from the Passenger Federation, passenger car terminals in the narrow sense of the word retailed 1.69 million units in March, up 6.2% year on year and 52.8% month on month; in March, the new energy market sold 714,000 units, up 30.5% year on year, with a penetration rate of 42.3%. The Passenger Federation pointed out that since the middle of the month, new brands and models have been introduced one after another, and consumers' attention to the car market has increased dramatically, which is expected to stimulate the accelerated release of demand for car purchases that were suppressed earlier. A national-level car trade-in policy is ready to be introduced, and the overall car market is ready to move forward.