Shares of GW Motor, a leading Chinese electric vehicle (EV) manufacturer, surged 5.29% on Monday morning, riding on the wave of investor enthusiasm for the EV sector amid record-breaking sales figures in China.
According to data released by the China Association of Automobile Manufacturers (CAAM), sales of new energy vehicles in China reached an all-time high of 1.287 million units in September, surpassing the previous record set in December 2022. This stellar performance, representing a 42.3% year-over-year increase and a 17% month-over-month growth, is attributed to the seasonally strong demand during the automotive industry's peak period.
The robust sales data has fueled investor optimism towards Chinese EV makers, with GW Motor's stock rally echoing the broader uptrend seen in the sector. Other prominent EV stocks listed in Hong Kong, such as Li Auto, XPeng, Nio, and Geely Automobile, also witnessed significant gains in morning trading, reflecting the market's bullish sentiment towards the industry's growth prospects.
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