Top gainer: BYD electric cars lined up at Yantai Port in Shandong province. Its Hong Kong-listed shares have added as much as 8.8%, the most since January 2023. — AFP
BEIJING: Chinese electric-vehicle (EV) stocks gained as analysts say the European Union’s preliminary announcement of tariff increases was in line with market expectations and manageable for companies with cost strength like BYD Co Ltd.
BYD’s Hong Kong-listed shares added as much as 8.8%, the most since January 2023, more than making up a drop Wednesday before the decision.
Peers Geely Automobile Holdings Ltd and Zhejiang Leapmotor Technology Co advanced more than 4%.
BYD should be less affected than peers given its lower-than-industry average tariff rate, while SAIC Motor Corp is seen as the biggest casualty given its higher duties and bigger EU sales contribution, analysts said.
SAIC’s Shanghai-listed shares dropped as much as 3.1% yesterday. — Bloomberg
