GWMOTOR's stock price plummeted 5.13% during intraday trading on Monday, reflecting broad pressure on the automotive sector in the Hong Kong market.

The decline comes as a wave of price cuts sweeps through the gasoline vehicle segment. Notably, Chongqing Changan Automobile recently launched a model at a significant 26% discount off its suggested retail price. Data shows the average discount for new gasoline vehicles in April reached 17.2%, intensifying competitive pressures.

Further dampening investor sentiment, the latest industry figures reveal that national passenger vehicle retail sales in April plunged 21.5% year-on-year. Concurrently, the penetration rate of new energy vehicles surged to 61.3%, indicating a rapid consumer shift away from traditional gasoline-powered cars. Analysts note that rising oil prices have significantly impacted domestic gasoline vehicle sales, accelerating this market transition.