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China Auto Body Seeks Subsidy Extension as EV Exports Take Hit
Aim for 30 million vehicles for the whole year, with RBOB Gasoline vehicles experiencing a "four consecutive months increase". The China Association of Automobile Manufacturers calls for early implementation of consumer promotion policies next year.
1. The domestic sales of traditional fuel Passenger Vehicles reached 1.21 million units, a decrease of 0.105 million units compared to the same period last year, with a month-on-month growth of 16.2% and a year-on-year decline of 8%. 2. Chen Shihua, deputy secretary-general of the China Automobile Industry Association, urged that relevant policies to promote Consumer spending on Autos continue next year and be implemented as soon as possible.
The performance of auto stocks is divergent. Nio (09866) fell by 3.16%. Institutions say that after December, the auto market will enter the consumer off-season, and caution is needed regarding fluctuations in the auto sector stock prices.
Jinwu Financial News | The performance of automotive stocks is mixed. As of the time of publication, NIO (09866) is down 3.16%, Evergrande Auto (00708) is down 2.08%, Xpeng Motors (09868) is down 1.17%, Great Wall Motor (02333) and Li Auto (02015) are also down. On the other hand, Guangzhou Automobile Group (02238) is up 3.11%, Peking Automotive (01958) is up 1.28%, LEAPMOTOR (09863) is up 1.38%, and Geely Automobile (00175) is up 1.02%. In terms of news, BOCOM INTL released the monthly report for the automotive Industry, forecasting passenger vehicle sales for November 2024.
Nio Nov Deliveries Breakdown: ES6 at 5,942, ET5T at 4,142
BOCOM INTL: In November, the penetration rate of New energy Fund in the mainland reached 52.3%. Bullish on December's performance.
BOCOM INTL suggests focusing on quality symbols in the Passenger Vehicle Sector such as BYD Company Limited (01211), NIO Inc. -SW (09866), and XPeng Inc. -W (09868).
【Brokerage Focus】BOCOM INTL: After a sales surge in December, the auto market enters the Consumer off-season, caution is needed as the performance of the Autos Sector stock prices may show fluctuations.
Jingwu Financial News | BOCOM INTL releases the monthly report for the Autos Industry. In November 2024, retail sales of Passenger Vehicles increased by 16.5% year-on-year, with domestic brands remaining strong. The retail penetration rate of Electric Vehicles in November was 52.3%, marking the fifth consecutive month above 50%. The export growth rate slowed in November, with the share of Electric Vehicles dropping to 20%. Considering that the Spring Festival in 2025 is earlier than in 2024, leading to some car purchases before the Spring Festival being completed by the end of 2024, and the trade-in subsidy policy entering the final phase in December, some car manufacturers are also boosting sales through promotional activities. The bank expects the Passenger Vehicle market to maintain its performance in December.
