From Investing.com: 2024-05-01 23:42:06

Shares of major Chinese electric vehicle makers surged in Hong Kong after strong delivery numbers for April. Nio Inc led gains with deliveries more than doubling from last year, with 15,620 EVs delivered. Xpeng Inc also saw a 33% jump with 9,393 EVs delivered. BYD’s sales rose nearly 50% to 313,245 vehicles.

BYD, which surpassed Tesla as the world’s best-selling EV maker in Q4 2023, faced strong competition from Tesla in China, where the US tech giant regained the top spot in global sales in Q1 2024. Hong Kong-listed Chinese EV stocks like Li Auto and Xiaomi also saw gains on positive sales figures.

The rise in EV stocks helped boost Hong Kong’s index by 2%, surpassing regional peers. China’s EV market remained strong amid lower global sales, sparking fierce competition among local companies and limiting foreign automakers’ entry. Tesla saw an 8.5% drop in Q1 deliveries in China amid increased competition.



Read more at Investing.com: Chinese EV stocks surge on strong April deliveries, NIO leads By Investing.com