A Nice Wall Motor premium model electrical sedan dubbed ‘Jijialong’ in Chinese language was on show throughout … [+]
VCG by way of Getty Pictures
Hong Kong-traded shares in Nice Wall Motor, China’s prime homegrown SUV maker, plunged by 4.8% to HK$14.22 on the Hong Kong Inventory Change right this moment after the corporate reported its newest gross sales decline.
Gross sales fell by 7.9% from a 12 months earlier in Could as Covid-related lockdowns in key mainland cities shook up the world’s largest vehicle market and world provide chains.
Nice Wall’s total car gross sales totaled 80,062 models in contrast with 86,965 a 12 months earlier, the corporate stated in a submitting on Wednesday. A 22% plunge in shipments of its flagship Havel SUV fashions led the autumn. For the primary 5 months of 2022, Nice Wall’s gross sales declined by greater than 19% from a 12 months earlier to 417,339 models. (See particulars here.)
Shanghai, the Chinese language metropolis hardest hit by the nation’s “zero-Covid” insurance policies, eased two months of extreme lockdowns on June 1; journey and different restrictions within the space stay.
Nice Wall’s Hong Kong-traded shares have misplaced greater than 60% of their worth since Nov. 22. Chairman Wei Jianjun continues to be price $17.3 billion on the Forbes Actual-Time Billionaires listing right this moment.
The corporate’s inventory has rebounded from a current low of HK$9.11 on Could 10 on hopes for improved financial progress in China within the second half of the 12 months.
Wei Jianjun, chairman of Nice Wall Motor Co., heart, speaks throughout a information convention in 2019. … [+]
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EV makers BYD, NIO, XPeng and Li Auto and all reported gross sales will increase in Could from a 12 months earlier.
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