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Shares of Chinese electric-vehicle makers rose Tuesday in Hong Kong, led by Li Auto Inc., after strong December delivery data.
Li Auto’s shares
2015,
rose after it posted record-high monthly delivery figures for December last Friday, rounding out 2022 with a 47% increase in deliveries for the year.
The car maker said December deliveries rose 51% from a year earlier, and said it was “the fastest emerging new energy automaker in China to surpass the 20,000 monthly delivery mark.”
Li Auto’s shares were up by as much as 8.4% in early Tuesday trading. The city’s benchmark Hang Seng Index
HSI,
was last up 0.7%.
Although China’s persistent supply-chain shortages stemming from Covid restrictions slowed production and sales, Chinese electric-vehicle makers capped a wild year with strong delivery results.
NIO Inc.
9866,
delivered 122.486 vehicles for 2022, up about 34%, while XPeng Inc.’s
9868,
deliveries were 23% higher compared with 2021.
BYD Co.
1211,
reported a 150% increase in December sales, despite production being disrupted by the unwinding of COVID-related measures in the final two weeks of the month. Citi analysts said in a note that they consider BYD a key winner of consolidation in the sector, and maintained a buy rating on the stock with a target price of 640 Hong Kong dollars (US$81.98). BYD shares were last up 3.1% at HK$198.4.
Looking ahead, Citi analyst Jeff Chung projects EV sales in China could grow another 33% in 2023.
Shares of Li Auto were last up 8.3% at HK$83.15, while those of XPeng were 5.1% higher at HK$40.3. NIO shares were last 2.6% higher at HK$80.5.
