Investing.com – Shares of China’s biggest electric vehicle makers rose sharply in Hong Kong on Thursday after strong delivery figures for April. Nio Inc (NYSE:) led the pack as shipments more than doubled year-over-year.
Hong Kong shares of Nio Inc (HK:) outperformed its peers, rising nearly 23% to HK$43.80.
The electric vehicle maker said it delivered 15,620 electric vehicles in April, up nearly 135% from April 2023 and more than 30% higher than the 11,866 electric vehicles delivered in March 2024.
After Nio Shpeng Inc. (NYSE:) was the best performing Chinese electric vehicle stock of the day. Hong Kong shares of Xpeng (HK:) rose 8.7% to HK$34.25 after the company delivered 9,393 electric vehicles in April, up 33% from the previous year.
Other local electric vehicle makers also posted strong deliveries in April as the price war sparked by Tesla Inc (NASDAQ:) heated up.
BYD (SZ:) shares in Hong Kong (HK:) rose 4.5% after the company said it sold 313,245 vehicles in April, up nearly 50% from a year earlier. Overseas shipments also reached record levels as the company increased penetration into markets such as India and Europe.
BYD overtook Tesla as the world’s top-selling electric vehicle maker in the December quarter, giving the US tech giant stiff competition in Chinese markets that have become a hotspot for electric vehicle makers. But while BYD has surpassed Tesla in sales in China, the world’s most valuable electric vehicle maker regained the top spot in global sales in the first quarter of 2024.
Other Hong Kong-listed Chinese electric vehicle stocks also rose on Thursday amid positive sales figures for April. Lee Auto Inc (HK:) (NASDAQ:) added 2.9%, and the technology giant Xiaomi Shares of (OTC:) Corp (HK:), which saw surprisingly strong demand for its recently launched SU7, rose 1.7%.
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The rise in electric vehicle stocks sent Hong Kong’s index up 2%, outperforming its peers in the region.
While global electric vehicle sales trended downward last year, China remained a bright spot amid robust consumer demand and plenty of government subsidies. This trend has sparked fierce competition among local players and also limited the forays of foreign automakers.
Increased competition in China caused Tesla deliveries to fall 8.5% in the first quarter, its first drop in deliveries in nearly four years.