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Xinhua reported that the government has mandated that at least 30 per cent of annual car purchases must be made up of NEVs. The cost of purchased service vehicles must not go over 180,000 yuan ($25,200). The government will also promote the establishment of electric car charging stations.
According to Kelvin Lau, an analyst of Daiwa Capital Markets Hong Kong Ltd, the implementation of this policy in more areas will increase the demand for mid-price segment cars like BYD and Leapmotor.
The prices of stocks from Chinese electric car manufacturers increased consistently at the close of trading in Hong Kong on Tuesday. The price of NIO Inc. stocks surged by 9.8%, Zhejiang Leapmotor Technology Co. Ltd. saw a 3.5% increase, XPeng Inc. experienced a 2.6% rise, and BYD Co. Ltd. grew by 0.8%.
source: ft.com
According to Kelvin Lau, an analyst of Daiwa Capital Markets Hong Kong Ltd, the implementation of this policy in more areas will increase the demand for mid-price segment cars like BYD and Leapmotor.
The prices of stocks from Chinese electric car manufacturers increased consistently at the close of trading in Hong Kong on Tuesday. The price of NIO Inc. stocks surged by 9.8%, Zhejiang Leapmotor Technology Co. Ltd. saw a 3.5% increase, XPeng Inc. experienced a 2.6% rise, and BYD Co. Ltd. grew by 0.8%.
source: ft.com
