Electric vehicle companies in China rushed to sell their stocks during the National Day holiday as the country's subsidies for buyers are about to end, the South China Morning Post reported Monday.
Shoppers thought the best time to buy their EVs was during the holiday due to the government's push for electric car ownership, the report said, citing a sales manager.
However, EV sales might drag should China cancel the subsidies, just like in January 2023 when government scrapped the doleouts, the report said, citing market watchers.
The exact sales figures were not yet out as of Monday but buyer sentiment topped expectations, the report said.
Cnina's top new-energy vehicle makers include BYD (SHE:002594, HKG:1211), Li Auto (HKG:2015), XPeng (HKG:9868) and NIO (HKG:9866, SGX:NIO).
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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