Chinese automakers trade higher driven by strong car delivery in June

 

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Shares of Chinese automakers staged a strong rally on Monday driven by solid car delivery in June.

Shares of Xpeng Motors surged by 16.5% in Hong Kong to close at HK$58.25, marking the highest level since September, 2022. Last Friday, Xpeng’s US-listed shares surged by 13.44% to close at $13.42, equivalent to HK$52.86. 

Last week, Xpeng Motors launched its new G6 model and with a pricing strategy viewed as attractive by analysts, the pre-orders of the model had exceeded 35,000 units as of June 28. In addition, Xpeng said it delivered 8,620 vehicles in June, rising by 15% from the previous month. Its car delivery in the second quarter of the year rose by 27% from the previous quarter to 23,205 units.

Shares of Li Auto jumped 8.5% to close at HK$147. The carmaker said it delivered 32,575 units of cars in June, jumping above 30,000 mark for the first time and surging 150.1% from a year earlier. In the second quarter, Li Auto delivered a total of 86,533 vehicles, surging 201.6% from the same period last year, it said.

BYD Company’s shares jumped 4.5% after it said it sold 253,046 vehicles in June, surging 88.79% from 134,036 units a year ago and up 2.6% from the previous month. In the first half BYD sold 1.27 million units, surging 97% from a year earlier.

Nio’s shares surged 8.1%, Great Wall Motor up 7.7%, GAC Group up 6.4%, and Geely Auto up 6.3%.