Shares of Chinese automakers are trading higher in Hong Kong, with NIO surging more than 6%, Xpeng Motors up more than 4%, Great Wall Motor, Geely Auto, BYD Companies also higher.
Five Chinese government departments including the Ministry of Industry and Information Technology, the Development and Reform Commission, the Ministry of Commerce, the Ministry of Agriculture and Rural Affairs and the National Energy Administration has launched a campaign to promote new energy vehicles in rural areas, with 69 NEV models from carmakers including SAIC-GM-Wuling, BYD Company and GAC Group participating the campaign.
The city of Shenyang, capital of northeastern China’s Liaoning province, will provide a total of 100 million yuan of subsidies for automobile purchases during the period of June 18 – 30, according to the municipal commerce bureau.
