Shares of Geely Automobile Holdings Ltd. surged over 8% on Monday, outperforming the broader Hong Kong market, as investor sentiment was buoyed by record monthly new energy vehicle (NEV) sales in China last month.
Data from the China Association of Automobile Manufacturers (CAAM) showed that China's NEV sales reached an all-time high of 1.29 million units in September, up 42.3% year-over-year and 17% higher than August. The stellar figures highlight the continued strong momentum in the world's largest EV market as it enters the traditional peak sales season.
Geely, one of China's leading private automakers with a strong focus on EVs, was among the biggest beneficiaries of the upbeat industry data. The company has been rapidly expanding its lineup of affordable yet well-equipped electric models aimed at the mass market segment.
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