Automotive stocks extended gains in Hong Kong. DONGFENG GROUP rose over 10%; LEAPMOTOR and GWMOTOR rose 5%; GEELY AUTO rose 4%.

Geely Automobile's net profit in 2024 more than tripled on robust sales and record exports, helping cement the company as one of the leading players in China's intensely competitive EV sector.

BYD said its new fast-charging system, available on new sedan and sport-utility models set to go on sale next month, would provide 400 kilometers (249 miles) of range in just five minutes, The Wall Street Journal reported.

Citi released a research report forecasting that LEAPMOTOR will achieve a gross margin of approximately 10% in 1Q25, potentially outperforming consensus. The broker also projected sales of 90,000 units for the quarter, slightly above consensus.

Chinese automakers ZEEKR and XPENG-W said on Tuesday they would start selling electric vehicles equipped with technology that will allow drivers to take their hands off the steering wheel, heating up a smart driving tech war.

The companies, along with Guangzhou Automobile Group (GAC), made separate announcements that they would roll out models with so-called L3-ready autonomous driving capabilities, a shift for the sector that has so far only had L2 systems.

China's XIAOMI-W on Tuesday reported an almost 50% jump in fourth-quarter revenue, beating analyst estimates, and raised its target for electric vehicle deliveries this year to 350,000 from 300,000.

The world's third-largest smartphone maker, whose product lines extend to home appliances and cars, also said it planned to expand its store network across China this year and open 10,000 new Mi Home stores overseas in the next five years.

The company reported a 48.8% rise in fourth-quarter revenue to 109 billion yuan ($15.1 billion), beating the 103.94 billion yuan average of 17 analyst estimates compiled by LSEG.

Adjusted net profit jumped 69.4% year-on-year to 8.32 billion yuan, ahead of the average estimate of 6.399 billion yuan.

Xiaomi president Lu Weibing said on an earnings call that he saw great potential for the company's products - from phones and tablets to cars - in overseas markets, though he added the complexity of expanding abroad was "quite high".

Lu said the company aimed to start shipping cars overseas in 2027.