Chinese EV stocks surge on strong April deliveries, NIO leads

Investing.com-- Hong Kong shares of major Chinese electric vehicle makers rose sharply on Thursday after clocking strong delivery figures for April, with Nio Inc rose 4.5% after it said it sold 313,245 vehicles in April, up nearly 50% from a year earlier. Overseas deliveries also hit record highs, as the company made stronger forays into markets such as India and Europe.

BYD had overtaken Tesla as the world’s best-selling EV maker in the December quarter, providing the U.S. tech giant with stiff competition in the Chinese markets, which has become a hotly-contested space for EV makers. But while BYD outsold Tesla in China, the world’s most valuable EV maker reclaimed the top spot in terms of global sales through the first quarter of 2024.

Increased competition in China saw Tesla nursing a 8.5% decline in first-quarter deliveries- its first drop in deliveries in nearly four years.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.

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