Market Insight | Auto stocks collectively rise, first-quarter sales growth of new energy vehicle companies remains stable, detailed policies for old-for-new schemes introduced in various regions one after another

Automobile stocks collectively rose. As of the time of publication, Leapmotor rose by 6.23% to HKD 33.65; XPeng-W rose by 6.28% to HKD 33.85; Geely Automobile rose by 3.33% to HKD 10.56. On May 17th, Qingdao, Shandong issued the "Implementation Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods in Qingdao", providing a maximum subsidy of 8000 yuan for trading in new energy passenger vehicles. Hangzhou also triggered the "Action Plan for Promoting Trade-in of Consumer Goods in Hangzhou" on May 17th, providing a one-time fixed subsidy for scrapping old vehicles and purchasing new energy passenger vehicles or fuel passenger vehicles with a displacement of 2.0 liters or less. From May 1st to 12th, the retail sales of new energy vehicles reached 241,000 units, a year-on-year increase of 31% compared to the same period last year, and a 10% increase from the previous month. Cumulatively, 2.692 million new energy vehicles have been sold this year, a 33% increase year-on-year. The growth rate of new energy vehicle sales in Q1 2024 has stabilized, and the trade-in policy in Q2 2024, as well as the implementation of new energy assessments by central state-owned enterprises, will slightly boost the sales of new energy vehicles