Hong Kong’s auto shares jumped on Wednesday. Great Wall Motor up 11.5%; NIO up 9.7%; Leapmotor up 3.8%; BAIC Motor, XPeng up around 2%.

China in February again led purchases of electric vehicles, which increased worldwide versus a year ago, even as European Union tariffs on China-made EVs reduced sales of some brands, research firm Rho Motion said on Wednesday.

Overall sales, including battery electric and plug-in hybrid vehicles, rose by 49% in February year-on-year to 1.2 million, but the researchers said the figure was distorted by the timing of Chinese New Year.

Auto executives offered a range of ambitious policy proposals aimed at propelling the industry into the next era of smart mobility.

From flying cars to AI-controlled vehicles and revamped regulatory frameworks, the common thread was clear: cementing China’s position as a global powerhouse in the future of transportation.

A consensus emerged among industry leaders: artificial intelligence and autonomous driving are no longer futuristic concepts but strategic imperatives. Xiaomi Corp. founder and Chief Executive Officer Lei Jun, who has led the smartphone maker’s successful push into electric cars, advocated for AI standards system and stricter regulations on AI-generated deepfakes.

The push for autonomous driving was equally pronounced by Lei and Xpeng Inc. CEO He Xiaopeng, with calls for accelerated nationwide testing, clearer regulatory guidelines, and even dedicated insurance products.