NIO Soars Nearly 13% as Xpeng and Li Auto Also Surge Over 7%

On September 30, NIO (NIO, Financial) saw a significant rise of nearly 13%, leading gains in the electric vehicle sector. Xpeng Motors and Li Auto both experienced impressive gains of over 7%.

During the World New Energy Vehicle Congress, industry expert Cui Dongshu projected that mainland China’s car retail sales will reach 22.3 million units in 2024, a 3% year-over-year increase. Specifically, new energy passenger car retail sales are expected to hit 10.4 million units, representing a 34% increase year-over-year. Last year, the China Passenger Car Association estimated 2024 mainland passenger car retail sales at 22.2 million units.

Cui highlighted that the global new energy vehicle sector is rapidly evolving, with mainland China playing a crucial role. He emphasized that China’s automotive industry won’t face significant supply chain constraints due to the country’s robust consumer electronics foundation, and asserted that neither Europe nor the US could significantly hinder China’s progress. Essentially, China possesses strong global competitiveness in this domain.