By CHEN Xiaotong
China's automotive A-share sector continued to rise on Wednesday, with Zotye Auto going limit up on five of the past eight days. Changan Automobile, Zhongtong Bus, and JAC Motors saw increases of over 4 percent, while Seres, FAW Haima Auto, and others are on the rise as well. In the EV more than ten stocks hit the daily limit.
China's car sales in June reached 2.6 million, year-on-year growth of 4.8 percent. EV sales passed 800,000, a growth of 35.2 percent.
The China Association of Automobile Manufacturers said the market had recovered due to stimulus policies, the China VI emission standards, and a large number of new models.
The market turned down in the first half of 2023 but from Q2 prices have stabilized, and pent-up consumer demand has been released. Short-term negative factors have been absorbed in Q2 and consumer confidence continues to recover.
In H2, new EVs are expected to drive demand. Strong performance overseas will support stable growth throughout the year.
