Auto stocks jumped in afternoon trading on Wednesday. Everg Vehicle rose 228%; Leapmotor rose 5%; Li Auto, Geely Auto, and BYD rose 3%; XPeng rose 2%; Xiaomi, GWMOTOR, BAIC MOTOR, and NIOrose about 1%.

On the evening of March 20, Everg Vehicle announced a delay in the release of its 2024 annual results and stated that it would apply for trading suspension on the Hong Kong Stock Exchange starting April 1. Previously, in late October last year, Everg Vehicle disclosed that its board of directors had received notification from the potential sellers (including Evergrande Group) on October 25, indicating that they had decided to terminate all discussions regarding a potential share transfer with prospective buyers and would no longer proceed with the transaction. As a result, the company was not expected to sign a financing agreement with potential buyers or secure funding through other means.

Notably, speculation about new investors for Everg Vehicle has been intensifying in recent days. Meanwhile, at the industry level, favorable policies for the automotive sector are being rolled out at an accelerated pace. On March 25, Li Gang, Director of the Department of Consumption Promotion at the Ministry of Commerce, stated that authorities are currently guiding local commerce departments, in collaboration with relevant agencies, to organize pilot applications for automobile circulation and consumption reforms. The government is expediting the drafting of pilot work plans and will determine the list of pilot cities following the principle of "launching a batch as soon as they are ready."

Sources said that XPeng is planning at least five range-extended models, including sedans and SUVs. XPeng VP Chen Yonghai called the report inaccurate. "Some models won’t have range extension, while others will". He added that XPeng will consider factors like domestic vs. overseas markets, vehicle size, and user scenarios when making desicion.

BYD expects 2025 global sales to rise to 5.5m, with overseas exceeding 800K: media; BYD: to launch mass-market autonomous driving overseas by 2026-2027.

Xiaomi said on Tuesday it had raised $5.5 billion in an upsized share sale as the company pushes forward with its ambitious electric vehicle manufacturing plans. The shares sank 6.3% on Tuesday.