Zhitong
2024.02.23 01:42
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Hong Kong Stock Market Update: Automotive stocks fell across the board in early trading, intensified price wars have heightened market caution, which may temporarily affect the release of end-demand.

In the morning session, automotive stocks generally fell. As of the time of writing, XPENG-W dropped by 3.16% to HKD 35.3, GWMOTOR fell by 1.05% to HKD 8.5, and LI AUTO declined by 0.22% to HKD 136.8. In terms of news, the China Passenger Car Association recently stated that the narrow definition retail sales of passenger vehicles in February are estimated to be around 1.15 million units, a MoM decrease of 43.5%. The retail sales of new energy vehicles are expected to be around 380,000 units, a MoM decrease of 43.0%, with a penetration rate of about 33%, showing a slight recovery from January. The association pointed out that a new round of price wars is escalating, market sentiment is cautious, which is not conducive to the release of terminal demand in the short term.

Zhitong App learned that automotive stocks fell across the board in the morning session. As of the time of publication, XPENG-W (09868) dropped by 3.16% to HKD 35.3, GWMOTOR (02333) fell by 1.05% to HKD 8.5, and LI AUTO (02015) declined by 0.22% to HKD 136.8.

On the news front, the China Passenger Car Association recently stated that the narrow definition of the passenger vehicle retail market in February is estimated to be around 1.15 million units, down by 43.5% month-on-month. New energy vehicle retail sales are expected to be around 380,000 units, down by 43.0% month-on-month, with a penetration rate of about 33.0%, showing a slight recovery from January. The association pointed out that a new round of price wars is escalating, intensifying market wait-and-see sentiment, which is not conducive to the release of terminal demand in the short term.