Text/ATFX
Since this week, NEV stocks have strengthened overall. After the release of the Mainland's NEV report yesterday, the sector expanded its gains. Since this year, cumulative retail sales of passenger cars have been 9.828 million units, an increase of 3% year-on-year; cumulative retail sales of new energy passenger vehicles have reached 4.119 million units since the beginning of the year, an increase of 33%.
According to preliminary statistics from the China Passenger Transport Federation, the retail sales volume of passenger cars in the Mainland in June was 1.755 million units, a decrease of 8% year-on-year, and an increase of 2% month-on-month. Retail sales in June were 0.864 million vehicles, up 30% and 6% year-on-year and month-on-month respectively. However, when counting new energy passenger vehicles, retail sales in June were 0.864 million units, up 30% and 6% from year to month, respectively.
NIO (09866) added 12 new power exchange stations in June. The intraday stock price rose 5.9% on Thursday; Xiaopeng (09868) rose 4.3%; Ideal Auto (02015) rose 4.2%; BYD (01211) rose 2.4%; Zero Sports (09863) rose 2.3%; and Geely (00175) rose 1.4%.
Prior to that, electric vehicle stock prices were first boosted by monthly delivery data earlier this week. Ideal Auto and Zero Sports Auto all continued their overall positive trend in May.
Ideal Auto delivered 0.0478 million new vehicles in June, up 46.7% year on year; 0.1086 million vehicles were delivered in the second quarter, up 25.5% year on year.
NIO delivered 0.0212 million vehicles in June, a year-on-year increase of 98.1%. Delivered 0.0574 million vehicles in the second quarter, up 143.9% year over year.
Xiaopeng Motor delivered 0.0106 million units in June, up 24% year on year and 5% month on month; delivered 5.2 units in the first half of 2024, up 26% year on year.
Zero Sports cars were delivered in June 20116, setting a new record and reaching the “20,000 club” threshold for the first time.
The agency put forward an optimistic forecast in its latest research report. Dongwu Securities believes that the global electric vehicle market will grow 20% year on year in 2024, and demand for lithium batteries is expected to increase 25-30% year on year. The focus is on strong local demand in the Chinese market, which will benefit from the delivery of new models. Outsiders need to pay attention that the EU will introduce tax increases for electric vehicles, which will affect the expansion of overseas markets.
Amid the recent collective strength of tram stocks, NIO (09866) auto stock has performed well. After yesterday's high opening, it has hit a high of nearly a month, locking in two consecutive weekly gains. However, it opened low this morning. Technically, further momentum is needed to rebound above HK$40. Otherwise, it is expected that there may be some backlash pressure. At that time, it will find support in the EMA range around HK$35.
