Hong Kong Stock Market News | Why did Ideal Car's stock drop more than 4%?

Zhitong
2023.10.16 06:44
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Demand for the M7 from Wanjie New Energy continues to soar, raising concerns about intensified competition in the market!

According to the latest update from Zhitong Finance APP, the stock price of Ideal Motors-W (02015) has dropped by over 4%, with a decrease of 3.79% at the time of writing, reaching HKD 129.5, with a trading volume of HKD 445 million.

In terms of news, the order volume of the Wenshijie New M7 continues to rise. Since its official launch on September 12th, the cumulative pre-orders for the vehicle have exceeded 60,000 units in the first month. Daiwa previously stated that considering the direct competition between Ideal Motors and Huawei, the strong daily order volume of the Wenshijie M7, and the upcoming launch of the Wenshijie M9, it may put pressure on the sales and gross profit margin of Ideal Motors in the short term.

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