China's Xpeng rises on plans to launch cheaper EV brand amid price competition

Wuling Motors Holdings

18/03/2024 02:18

** Hong Kong shares of Chinese electric-vehicle (EV) maker
Xpeng  9868.HK  rise 5.4% to HK$39.85, on course to snap three
straight sessions of decline
    ** Stock marks biggest intraday pct gain since March 12, and
is the biggest pct gainer in Hang Seng Tech Index  .HSTECH  and
Hang Seng China Enterprises Index  .HSCE  
    ** Xpeng announced plans to launch a cheaper brand with
price of between 100,000 yuan and 150,000 yuan ($14,000-$21,000)
amid fierce China price competition in the EV industry
    ** Competition in China's EV market has intensified as
companies race to cut prices, with market leader BYD  002594.SZ 
spearheading a deeper round of price reductions and launching
new version of Destroyer 07 hybrid at lower starting price
    ** Shares of rivals climb with Wuling Motors  0305.HK ,
Leapmotor  9863.HK , NIO  9866.HK , Geely  0175.HK  and BYD
 1211.HK  rising between 1.2% and 3.1% 
    ** Hang Seng Tech Index  .HSTECH  gains 0.1%, Hang Seng
China Enterprises Index  .HSCE  climbs 0.5% and Hang Seng Index
 .HSI  adds 0.3%
    ** Hong Kong-listed stock drops 30.7% YTD, U.S. shares down
33.9% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))