Geely Auto, a prominent Chinese automaker, witnessed a remarkable surge in its stock price, soaring by nearly 7% on Monday. This significant upward movement was part of a broader rally in Chinese auto stocks listed in Hong Kong, reflecting the positive sentiment and strong demand surrounding the domestic electric vehicle (EV) market.
Other major players in the Chinese auto industry also experienced substantial gains, with XPeng and Geely Auto both rising nearly 7%, while GWMOTOR and BYD saw increases of over 5%. Additionally, Brilliance China climbed 4.8%, LI Auto rose 4.1%, and NIO saw a 0.8% increase.
The surge in Chinese automaker stocks is likely driven by the impressive sales performance of several EV makers in October. BYD, the world's largest EV assembler, sold a record 502,757 pure-electric and hybrid EVs last month, up 66.5% year on year and 19.8% compared with September. XPeng, well known for its autonomous-driving technology, handed 23,917 EVs to mainland customers in October, rewriting its sales record for the second straight month. Leapmotor and Zeekr, the premium electric-car maker controlled by Geely Auto, also reported record monthly sales in October.
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