Xpeng leads slump in EV makers on competition fear as Tesla cut China prices

Wuling Motors Holdings

24/10/2022 08:35

** Hong Kong shares of Xpeng  9868.HK  lead slump in Chinese
electric vehicle (EV) makers, falling as much as 13.9% to HK$27
to the lowest since their debut in July 2021 
    ** Stock set for the biggest daily pct drop since March 14
if losses hold; seventh biggest pct loser in Hang Seng Tech
Index  .HSTECH 
    ** Tesla  TSLA.O  has cut starter prices for its Model 3 and
Model Y cars by as much as 9% in China and analysts warn of
"price war"  urn:newsml:reuters.com:*:nL1N31P00R
    ** China Merchants Bank International saying Tesla's price
cuts underlined the growing competitive risk for EV makers in
China, with industry-wide sales projected to slow into 2023
    ** Analysts warn of a growing car inventory glut for autos
in China, where auto sales growth slowed in September while EV
sales rose at their slowest pace in five months  urn:newsml:reuters.com:*:nL1N31P02Y
    ** Data on Monday showed retail sales in China grew 2.5% in
September, below the expected 3.3% rise 
    ** Hong Kong shares of BYD Co  1211.HK , Geely  0175.HK ,
Wuling Motors  0305.HK , Li Auto  2015.HK  and NIO Inc  9866.HK 
drop between 5.1% and 11.4% 
    ** Hang Seng Tech Index  .HSTECH  plunges 9.3%, Hang Seng
Composite Index  .HSCI  falls 6.2% and Hang Seng Index  .HSI 
down 6.1%
 (Reporting by Donny Kwok, Editing by Louise Heavens)
 ((donny.kwok@thomsonreuters.com))