Shares of Geely Auto, a prominent Chinese automaker, surged by 5.21% on Monday, outperforming the broader Hong Kong market. This significant rally was fueled by positive auto sales and production data from China, bolstering investor sentiment towards the company.
According to the China Association of Automobile Manufacturers, auto sales and production in China witnessed an upswing in October, owing to the government's implementation of pro-growth policy measures. This robust industry performance spurred a rally in auto stocks listed in Hong Kong, with Geely Auto being a notable beneficiary of the upbeat sentiment.
Geely Auto's impressive performance was accompanied by gains in other major Chinese automakers, such as Dongfeng Group, which surged 16%, BAIC Motor, which increased by 6%, and GAC Group, which rose by 5%. However, electric vehicle makers like XPeng, Li Auto, and NIO experienced declines on the same day.
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