Shares of Geely Auto, one of China's leading electric vehicle (EV) manufacturers, surged by 7.51% on Thursday, as investors cheered the news that the European Commission and China have agreed to intensify efforts to avert EU import tariffs on China-made EVs.
The potential removal of import tariffs could significantly boost Geely Auto's prospects in the European market, where the company aims to expand its EV sales. Avoiding these tariffs would make Geely's EVs more competitively priced, potentially driving up demand and market share in the region.
The news sparked a rally in Chinese EV makers' stocks listed in Hong Kong, with Xpeng soaring 10.8%, Li Auto gaining 4.6%, BYD rising 0.7%, and Great Wall Motor adding 1.2%. Investors are optimistic that a resolution to the tariff issue could open up new opportunities for Chinese EV companies in the lucrative European market.
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