Chinese automakers rally on improvement in Aug car sales
Chinese automakers rally on improvement in Aug car sales

Chinese automakers rally on improvement in Aug car sales

 

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Shares of Chinese automakers stage a rally in Hong Kong, with Xpeng Motors surging nearly 5%, Leapmotor up more than 4%, Great Wall Motor, BYD Company and Li Auto up more than 3%, Nio up more than 2%.

China’s auto sales returned to growth in August, rising by 8.4% from a year earlier to 2.58 million units, up 8.2% from the previous month, according to the China Association of Automobile Manufacturers. Read more …

New energy vehicle sales reached 846,000 units in August, rising by 27% from a year earlier and up 8.5% from the prior month, said the association.

August’s auto sales data was surprising considering the high base last year, said Xu Haidong, deputy chief engineer at the association. Car sales in the next few months are expected to remain higher than the same period last year and full-year car sales in 2023 will be able to achieve the 3% growth target or even better, he said.