Shares of Chinese automaker Dongfeng Group surged 19.33% on Monday, leading a broad rally in the country's auto sector after data showed vehicle sales and production rebounded strongly in October.
The stellar stock performance was fueled by figures from the China Association of Automobile Manufacturers that revealed auto sales in China climbed 7% year-over-year to 3.1 million units last month. Even more impressive, sales of new energy vehicles like electric cars skyrocketed 49.6% to 1.4 million units.
Analysts attributed the upswing to pro-growth policy measures enacted by Chinese authorities to stimulate the economy and vehicle demand. The robust sales data eased concerns over sluggish economic growth hampering the vital auto market, driving investors to scoop up shares of Dongfeng and its peers.
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