Hong Kong Stock Market News | Li Xiang Auto-W drops nearly 5% in the afternoon, with over 60,000 orders for the M7. Li Xiang plans to temporarily avoid Huawei's competition.
Ideal Car-W fell nearly 5% in the afternoon. As of the time of writing, it has dropped 4.74% to HKD 124.5, with a turnover of HKD 499 million.
According to the Zhongtong Finance APP, the stock price of Ideal Motors-W (02015) fell nearly 5% in the afternoon. As of the time of writing, it has dropped by 4.74% to HKD 124.5, with a turnover of HKD 499 million.
In terms of news, on October 15th, AITO, the parent company of Wanjie Motors, announced that the cumulative pre-orders for its new model M7 had exceeded 60,000 units in the first month of its launch. Daiwa Securities previously stated that considering the direct competition between Ideal Motors and Huawei, the strong daily order volume of Wanjie M7, and the upcoming launch of Wanjie M9, it may put pressure on Ideal Motors' sales and gross profit margin in the short term.
According to media reports, Ideal Motors recently held a strategic meeting to discuss the strategic direction and implementation pace for the next 5-10 years. Regarding the rising star Wanjie Motors, Ideal Motors not only considers it as its primary competitor but also made strategic adjustments such as temporarily avoiding direct competition with the new model M7, strengthening the product advantages in the family market, and accelerating the development of intelligent driving technology.