Chinese new energy vehicle makers trading higher as China’s NEV sales surge 120% on year in July
STOCKS
Chinese new energy vehicle makers trading higher as China’s NEV sales surge 120% on year in July
STOCKS

Chinese new energy vehicle makers trading higher as China’s NEV sales surge 120% on year in July

 

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Shares of Chinese new energy vehicle makers rally in Hong Kong, with Xpeng Motors up more than 6%, Nio up 3% and Li Auto up 2.4%.

China’s auto sales reached 2.42 million units in July, falling 3.3% from the previous month, but rising 29.7% from a year earlier, according to data released by the China Association of Automobile Manufacturers on Thursday.

In particular, output and sales of new energy vehicles reached 617,000 units and 593,000 units in July, both surging 120% from a year earlier, according to the data. Output and sales of purely electric vehicles reached 472,000 units and 457,000 units, surging 1005 and 110% from a year ago.

New energy vehicle output and sales reached 3.28 million units and 3.19 million units, respectively, in the first seven months of the year, surging by 120% from the same period last year.