©Reuters
Investing.com — Stocks in Chinese new energy vehicle (NEV) manufacturers lee auto Inc (Hong Kong:) rose on Wednesday, outperforming its local peers after becoming the automaker with the third-highest number of new car insurance registrations in China over the past week.
Li Automobile (NASDAQ:) rose 4% in Hong Kong trading, outpacing the index's 0.1% gain.In comparison, peers Spen (NYSE:) Inc (HK:) and NIO Inc (HK:) each fell more than 1%, while BYD (HK:) rose 1.1%.
Chinese website CNEVPost reported on Tuesday, citing data from Li Auto and other local EV manufacturers, that Li Auto had 9,300 new vehicle insurance registrations in the week ending March 10. .
This figure represents a jump of approximately 3,100 vehicles from the previous week, making Li Auto the third-highest number of new NEV registrations in China after Tesla Inc. (NASDAQ:) and BYD. BYD had the highest number of registrations in Japan at 49,100, while Tesla had 13,200.
Insurance registration is typically considered an indicator of new car sales by car manufacturers.
Li Auto's increase in registrations comes as the NEV maker launched several new models in the past two weeks and also announced price cuts for some mid-range models on Tuesday.
But the latest price cuts come as Chinese NEV makers engage in a fierce price war as they race to capture the world's largest electric vehicle market. Tesla started a price war about two years ago, but recently lost its position as the world's best-selling EV maker to BYD.
