0701 GMT - Demand for electric vehicles in China picked up in August and could continue growing over the next two months, HSBC Qianhai analysts say in a note. Tailwinds include stable prices, favorable government policies such as scrapping and replacement subsidies, several new model launches and the traditional high season for car sales starting in September. There are over 100 launches planned for September-December by companies including NIO, BYD and Geely, HSBC notes. Other events to watch include Tesla Robotaxi's launch in October and BYD's second generation blade battery. HSBC remains constructive on the leading EV companies. It prefers BYD for the automaker's solid margin and volume resilience, supported by its platform refresh and rising exports, as well as Xpeng for its leading autonomous-driving capabilities and potential order momentum for new models. (monica.gupta@wsj.com)
(END) Dow Jones Newswires
September 27, 2024 03:01 ET (07:01 GMT)
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