Automakers trade higher as car sales improved in May, State Council vowed to optimize NEV purchase tax exemption 
STOCKS
Automakers trade higher as car sales improved in May, State Council vowed to optimize NEV purchase tax exemption 
STOCKS

Automakers trade higher as car sales improved in May, State Council vowed to optimize NEV purchase tax exemption 

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Shares of Chinese automakers are trading higher in Hong Kong, with Leapmotor up 3.8%, Great Wall Motor up 3.7%, Nio up nearly 3%, Li Auto and Xpeng Motors up more than 2%, BYD Company and Geely Auto up about 1%.

China’s wholesale volume of new energy vehicles is estimated at 670,000 units in May, rising by 11% from the previous month and surging 59% from a year ago, according to the China Passenger Car Association. In the first five months of the year, wholesale volume of NEVs is estimated at 2.78 million units, rising by 46% from the same period last year, it said.

For the whole of 2023, the association expects NEV fromsales to reach 8.5 million units, with penetration rate expected to reach 36%, it said, adding that the market’s current operation is largely on line with estimates. 

China will extend and optimise a purchase tax exemption on new-energy vehicles, build a network of high-quality charging facilities, further stabilize market expectations, optimize consumption environment and fully release the potential of auto consumption, China’s State Council said at a meeting on Friday, according to state media. Read more …