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Investing.com-- Shares of Chinese electric vehicle (EV) and auto manufacturers rose on Wednesday after Rho Motion’s research data showed robust EV sales growth in China.
Despite seasonal effects from the timing of the Lunar New Year, China’s EV market saw a 35% year-to-date (YTD) increase, with battery electric vehicle (BEV) sales up 46% and plug-in hybrids (PHEVs) rising 22%.
Globally, 1.2 million EVs were sold in February, marking a 50% rise year-on-year, though down 3% from January, Rho Motion said.
European and North American markets also posted 20% YTD growth, data showed.
"Much of the growth continues to come from China which are seeing a pure electric renaissance this year compared to the hybrid love affair of 2024. Despite high tariffs, their domestic brand, BYD (SZ:002594), shows no signs of slowing down their home and international expansion," Rho Motion Data Manager, Charles Lester, said in a note.
BYD Co (HK:1211), China’s leading EV maker, has already sold over 130,000 EVs overseas this year, continuing its international expansion despite trade barriers, the research note stated.
Hong Kong-listed BYD shares rose 2.2% as of 05:21 GMT.
NIO Inc (HK:9866) shares jumped 7.8%, while Geely Automobile (HK:0175) stock was 1.9% higher.
BAIC Motor Corp Ltd (HK:1958) shares were trading nearly 1% higher.
Earlier this week, the China Passenger Car Association (CPCA) reported that passenger vehicle sales surged 26.1% year-on-year to 1.41 million units in February, following a 12% decline in January.
This rebound contributed to a 1.3% increase in car sales for the first two months of 2025 compared to the same period last year.