Market Insight | Auto stocks collectively rise, first-quarter sales growth of new energy vehicle companies remains stable, detailed policies for old-for-new schemes introduced in various regions one after another
Automobile stocks collectively rose. As of the time of publication, Leapmotor rose by 6.23% to HKD 33.65; XPeng-W rose by 6.28% to HKD 33.85; Geely Automobile rose by 3.33% to HKD 10.56. On May 17th, Qingdao, Shandong issued the "Implementation Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods in Qingdao", providing a maximum subsidy of 8000 yuan for trading in new energy passenger vehicles. Hangzhou also triggered the "Action Plan for Promoting Trade-in of Consumer Goods in Hangzhou" on May 17th, providing a one-time fixed subsidy for scrapping old vehicles and purchasing new energy passenger vehicles or fuel passenger vehicles with a displacement of 2.0 liters or less. From May 1st to 12th, the retail sales of new energy vehicles reached 241,000 units, a year-on-year increase of 31% compared to the same period last year, and a 10% increase from the previous month. Cumulatively, 2.692 million new energy vehicles have been sold this year, a 33% increase year-on-year. The growth rate of new energy vehicle sales in Q1 2024 has stabilized, and the trade-in policy in Q2 2024, as well as the implementation of new energy assessments by central state-owned enterprises, will slightly boost the sales of new energy vehicles
According to the Wise Finance APP, automotive stocks collectively rose. As of the time of publication, Leapmotor (09863) rose by 6.23% to HKD 33.65; XPeng Motors-W (09868) rose by 6.28% to HKD 33.85; Geely Auto (00175) rose by 3.33% to HKD 10.56; Li Auto-W (02015) rose by 2.5% to HKD 98.3.
On the news front, on May 17th, Qingdao, Shandong issued the "Qingdao City Plan to Promote Large-scale Equipment Renewal and Consumer Goods Trade-in Program", allocating 50 million RMB for vehicle replacement arrangements. Eligible individual consumers can receive a maximum subsidy of 6,000 RMB for replacing fuel passenger cars and 8,000 RMB for replacing new energy passenger cars. Hangzhou also triggered the "Hangzhou City Action Plan to Promote Trade-in of Consumer Goods" on May 17th, providing a one-time fixed subsidy for scrapping old cars and purchasing new energy passenger cars or passenger cars with a displacement of 2.0 liters or less.
According to the China Passenger Car Association, from May 1st to 12th, the retail sales of new energy vehicles reached 241,000 units, a year-on-year increase of 31% compared to the same period last year, and a 10% increase from the previous month. Cumulatively, 2.692 million new energy vehicles have been sold this year, a 33% increase year-on-year. Minmetals Securities pointed out that the growth rate of new energy vehicle sales in Q1 2024 has stabilized, and the trade-in policy in Q2 2024, as well as the implementation of the assessment of new energy vehicles by central state-owned enterprises, will slightly boost the sales of new energy vehicles