China EV makers’ shares rise as Beijing plans additional assist for auto sector


Shares of main Chinese electrical automobile makers jumped in Hong Kong, as buyers welcomed Beijing’s newest plan to launch extra auto consumption stimulus measures.

NIO Inc.
soared as a lot as 7.4% inside an hour of buying and selling, and shares have been final up 6.7%. XPeng Inc.
gained 2.8% and Geely Automobile Holdings Ltd.
added 2.5%. The U.S.-listed shares of NIO
and XPeng superior 8.0% and 5.5%, respectively, on Wall Street in a single day.

The sector’s upturn got here after Beijing on Thursday unveiled plans to additional enhance auto consumption to shore up the economic system amid mounting slowdown pressures after a brutal pandemic resurgence and strict motion restrictions earlier this 12 months. The new measures included doubtlessly extending a tax break for brand new power car purchases, encouraging firms to supply extra reductions, and stepping up the constructing of EV charging stations.

The auto business has been a key beneficiary of Chinese authorities’ efforts to assist consumption and financial actions. In late May, officers in a State Council assembly mentioned they’d minimize buy taxes on non-EV passenger automobiles for a sure time frame, waiving a complete of about $9 billion in taxes.

Write to Yifan Wang at


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