China's electric car sales performance in March inspires shares to rise
The electric vehicle market has continued to be challenged recently by reduced demand and a lack of significant advances in battery range and self-driving technology, and the share prices of the concept stocks are likely to underperform in the near term.
Shares of Azalea, Xiaopeng and Ideal Motors were driven up by Chinese electric car makers' March sales performance that met expectations.
SHARE PERFORMANCE: Shares of Azalea, Xiaopeng and Ideal Automobile, the three electric car makers, were driven up after they reported March sales performance in line with expectations on Monday. Shares of all three carmakers were up to varying degrees during the session.
SALES:
- Azera delivered 11,866 EVs in March, close to previous expectations, for a first-quarter total of 30,053 units.
- Xiaopeng Auto delivered 9,026 EVs in March, in line with the company's expectations, for total first-quarter sales of 21,821 units.
- Ideal Motor delivered 28,984 EVs in March, in line with expectations, with total sales of 80,400 units in the first quarter.
SALES GROWTH TREND: Sales growth trend slowed down, with Ideal Vehicle up 50 per cent in the first quarter, Xiaopeng Vehicle up about 20 per cent, and Azera Vehicle down about 3 per cent.
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