Li Auto leads rally in HK-listed EV makers as Tesla sees price cut fuelling demand

Wuling Motors Holdings

26/01/2023 03:58

** Hong Kong shares of Li Auto  2015.HK  lead a rally in
Chinese EV makers, jumping as much as 12.7% to HK$96 - highest
since Dec. 9
    ** Stock to mark its biggest daily pct rise since Nov. 29,
if gains hold; biggest percentage gainer in the Hang Seng Tech
Index  .HSTECH  
    ** Tesla Inc  TSLA.O  Chief Executive Elon Musk said on
Wednesday aggressive price cuts ignited demand for its electric
vehicles, playing down concerns that a weak economy would dampen
buyers' interest 
    ** Daiwa expects competition in the new energy vehicles
(NEV) market to intensify in 2023E, as traditional original
equipment manufacturers (OEMs) ramp up delivery capacity of
their own NEV brands, while Tesla's recent price cuts weigh down
profitability of all automakers
    ** New energy vehicles sales totalled 640,000 units in
December, up 35.1% from a year ago, the China Passenger Car
Association (CPCA) said 
    ** Hong Kong shares of NIO Inc  9866.HK  jump as much as 11%
to HK$94.35, highest since Dec. 19
    ** Xpeng  9868.HK , Wuling Motors  0305.HK , Geely Auto
 0175.HK  and BYD Co  1211.HK  rise between 2.2% and 7.2%  
    ** The Hang Seng Tech Index  .HSTECH  surges 3.1%, while the
Hang Seng Commerce & Industry Index  .HSNC  and the Hang Seng
Index  .HSI  both climb 1.7%
 (Reporting by Georgina Lee)
 ((Georgina.Lee@thomsonreuters.com))