Automobile stocks in Hong Kong experienced a collective downturn. At the time of writing, BAIC MOTOR (01958) fell 7.95% to HK$1.39; GWMOTOR (02333) dropped 4.5% to HK$11.89; LI AUTO-W (02015) declined 4.16% to HK$66.8; and XPENG-W (09868) decreased 3.89% to HK$61.7.

Recent data indicates that from April 1 to 19, retail sales of new energy passenger vehicles in China totaled 387,000 units, down 14% year-over-year and 5% compared to the previous month. During the same period, wholesale shipments of new energy vehicles by manufacturers reached 413,000 units, representing a 17% decline year-over-year and a 9% decrease month-over-month.

Analysts noted that the passenger vehicle market remains in a phase of year-over-year contraction. However, it is noteworthy that retail sales and wholesale figures for new energy vehicles were closely aligned in the first three weeks of April, with wholesale numbers showing a slightly larger decline compared to retail. Since a significant portion of the difference between wholesale and retail figures is attributed to export volume, there is a possibility that new energy vehicle exports weakened during the first three weeks of April compared to previous periods.