BEIJING: Chinese electric vehicle (EV) stocks rallied in Hong Kong after state media reported on government measures to support the sector’s development.
Central government agencies will increase purchases of new-energy vehicles, state media Xinhua News Agency reported today, citing a government guideline dated Sept 27 that said EVs should be no less than 30% of new vehicles purchased annually in principle.
It also recommended measures like the construction of charging infrastructure to make EV usage easier.
NIO Inc jumped as much as 13% in Hong Kong and was the top performer on the MSCI China Index.
Xpeng Inc rose as much as 8%, and Li Auto Inc gained more than 2%.
Sector leader BYD Co advanced up to 1.8% ahead of its third-quarter earnings release tomorrow.