Chinese EV demand remains strong until end of 2024 with positive growth outlook.

From Investing.com: 2024-11-24 20:55:04

Chinese EV demand is expected to remain strong until the end of 2024, with October sales data showing robust growth and a penetration rate of 52.9%. HSBC predicts continued momentum in November and December, driven by new model releases and government support.

Stock recommendations are positive for leading EV players like BYD, Geely, and Xpeng, as well as Contemporary Amperex Technology Co Ltd. Tesla faces challenges in China amid heightened competition and a price war that has impacted industry margins.

The first quarter of 2025 may bring challenges due to seasonal factors, with uncertainty around trade-in subsidies. HSBC notes signs of consolidation in the EV battery sector, with increasing prices signaling a shift towards more favorable pricing dynamics in 2025, supported by growing demand globally.



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