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Autos Squeezed amid Rekindled Price War in CN; XPENG Dives ~5%; GEELY, NIO Slip 3%+
Recommend 28 Positive 54 Negative 31 |
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The HSI rested at 19,991 near midday close, down 99 pts or almost 0.5%, with a turnover of $69.324 billion. Amidst worry about the reignition of price war in mainland China's automobile industry early next year, HK-listed automakers underperformed. According to the incomplete statistics of 21st Century Business Herald, 20 automakers including Tesla China, BYD COMPANY (01211.HK), CHANGAN AUTOMOBILE (000625.SZ), GEELY AUTO (00175.HK), XPENG-W (09868.HK) and SAIC-Volkswagen have officially announced price cuts, and started the year-end price cuts with “time-limited” and “buy-it-now” promotions. Nascent automakers were subdued. LI AUTO-W (02015.HK) and LEAPMOTOR (09863.HK) dropped 1.5%-1.9%. NIO-SW (09866.HK) slid 3.4%. XPENG-W last stood at $47.05, down 4.66%, with turnover of $503 million. BYD COMPANY, troubled by the controversy over its Brazilian plant, was last quoted at $266.4, down 2.63%, with a turnover of $594 million. Traditional automakers were bleak. BRILLIANCE CHI (01114.HK), GAC GROUP (02238.HK) and GWMOTOR (02333.HK) each sank about 1%-2%. GEELY AUTO last printed at $14.44, down 3.48%, with $500 million traded. DONGFENG GROUP (00489.HK) last reported at $3.71, down 7.02%, lagging behind peers, with turnover of $197 million. BAIC MOTOR (01958.HK) stabilized at $2.34, up 0.43%, with turnover of $22.987 million. AAStocks Financial News |
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