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Chinese automakers staged a strong rally on Monday after the authority called for relaxation on car purchases and said the exemption of purchase tax on new energy vehicle will be extended.
In the mainland China, an index tracking the auto sector compiled by Wind Information surged by 3.8% in the morning session, making it one of the best-performing sectors in the A-share market. JAC Motors surged by 8.4%, Changan Auto jumped 8.3%, Great Wall Motor up nearly 5%, BYD Company up 3.2%.
In Hong Kong Geely Auto surged as much as 12.3% before closing the morning 9.9% higher, NIO surged 9.4%, Great Wall Motor up 8%, Xpeng Motors up nearly 7%, Li Auto up 5.7%,BYD Company up 3.5%.
China will extend an exemption of purchase taxes on new energy vehicles to boost car sales, the State Council said on Friday, without offering more details. Regions with car purchase restrictions in place should increase the quota for car purchases and relax the restrictions on qualification for auto purchases and meanwhile, China will break the impediment to the circulations of used cars, it said. Related…
Geely’s premium electric vehicle subsidiary Zeekr delivered 5,022 units of the Zeekr 001 – its only model currently on sale – in July, up 16.74% from 4,302 units in June marking a new record high, it said.