Demand for electric vehicles (EVs) in Europe continued to bolster growth in the local auto market in May, offsetting a plunge in gasoline and diesel sales and helping Chinese brands garner greater market share, data released by the European Automobile Manufacturers' Association (ACEA) showed.
Europe's car registrations climbed 3.6% in May to 1.1525 million units, while registrations in the first five months of the year mounted 4.5% YoY. On the back of newly revised tax incentives and subsidy programs, European consumers showed strong demand for EVs.
In contrast, Chinese automakers delivered standout performances. LEAPMOTOR (09863.HK) saw May sales surge of 465.1%, while CHERY AUTO (09973.HK) and BYD COMPANY (01211.HK) posted leaps of 244.1% and 136.6%, respectively. GEELY AUTO (00175.HK) and SAIC Motor also logged increases of 12.6% and 13.9%, respectively.
As for Tesla (TSLA.US), it achieved a rebound for the fourth consecutive month, with registrations soaring 107.9% to 286,100 units.
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AASTOCKS Financial News
Website: www.aastocks.com
| SG Top Picks |
| Stock & Type |
Code |
Strike(Call Level) |
Last |
Effective Gearing |
| GEELY (C) |
24891 |
19.51 (-) |
0.110 |
6.6 X |
| GEELY (P) |
28212 |
18.47 (-) |
0.212 |
4.1 X |
| GEELY (Bull) |
65332 |
14 (14.5) |
0.078 |
4.6 X |
| BYD (C) |
29980 |
98.7 (-) |
0.048 |
5.0 X |
| BYD (Bull) |
56081 |
71.1 (72.5) |
0.053 |
14.3 X |
| BYD (Bull) |
61247 |
68.6 (70) |
0.086 |
8.8 X |
| BYD (Bear) |
55345 |
97.4 (96) |
0.176 |
4.3 X |
| BYD (Bear) |
58295 |
91.4 (90) |
0.128 |
5.9 X |
| TSLA (C) |
11134 |
490 (-) |
0.295 |
6.2 X |
| TSLA (P) |
11135 |
330 (-) |
0.475 |
3.2 X |
