Chinese electric vehicle (EV) manufacturers experienced a rise in their stock prices in Hong Kong, driven by a promising sales outlook for March and the recent decline in Tesla (NASDAQ:TSLA)’s stock.
NIO shares rose 11.4%, while XPeng (NYSE:XPEV)’s stock rose by 9.1%. Other automakers, such as Zhejiang Leapmotor (HK:9863) Technology and Great Wall Motor, also saw their shares climb.
The rise in these stocks came in the wake of a challenging period for U.S. competitor Tesla, whose shares experienced their worst day since 2020. Tesla’s shares fell by 15% on Monday, eliminating the gains they had made since the election.
The drop in Tesla’s stock has been attributed to disappointing sales data, as well as concerns surrounding CEO Elon Musk’s role in the Trump administration.
This is in stark contrast to the situation in China, where sales of electric cars have shown consistent growth. According to the China Passenger Car Association, February retail sales of new-energy cars, which include battery EVs and plug-in hybrids, increased by 80% to 686,000 units.
Source: Investing