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BYD COMPANY Rises 4% as Carmakers Rally on CN-EU Consensus on EV Tariffs
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The European Union (EU) announced that it had reached a consensus with China on the tariff issue for electric vehicles (EVs) entering the EU. Guidance issued by the EU now requires Chinese EV exporters to submit price commitment letters, meaning that a minimum price must be put forth before Chinese EVs go to the EU market. Auto stocks rallied, with BYD COMPANY (01211.HK), a carmaker that has been focusing on overseas expansion in recent years, opening 3% higher this morning and breaking above the 10-day resistance (around HKD96.6) and the 50-day resistance (around HKD97.2). It once climbed to a peak of HKD100.3, but last stood at HKD99.5, up 3.97%, with a turnover of HKD1.712 billion. CHERY AUTO (09973.HK), a brand that has been the top exporter of passenger cars in China for 23 consecutive years, also rose 2.7%. Among other carmakers, GEELY AUTO (00175.HK) and GWMOTOR (02333.HK) grew 2-2.1%. XPENG-W (09868.HK) leaped 3.5%. NIO-SW (09866.HK) and LEAPMOTOR (09863.HK) advanced 2.6-2.9%. SERES (09927.HK) and LI AUTO-W (02015.HK) gained 1.4-1.9%. BAIC MOTOR (01958.HK) added 1.1%. DONGFENG GROUP (00489.HK) inched up 0.6%. GAC GROUP (02238.HK) remained stable. AAStocks Financial News |
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