Chinese Electric Car Manufacturers See Stock Spike Following EU Tariff Announcement
Chinese electric car manufacturers experienced a surge in their stocks on Thursday after the European Union revealed increased tariffs of up to 38% on Chinese electric cars just a day prior.
Leading the way on the Hang Seng index was Chinese electric car manufacturer BYD, with a morning trading jump of 8% that later settled to 6% by the end of the day. Geely saw an initial increase of around 4%, while Nio and Li Auto also saw their shares rise by about 1.5%. State-owned SAIC, on the other hand, experienced a 1.5% decrease in the later afternoon trading.
According to Citi analysts, the additional EU tariffs are considered «generally soft,» while a Morningstar analyst pointed out that the extra duties are «modest» in comparison to the U.S. tariff increases on Chinese electric cars from the previous month.
