Chinese EV makers rally after government calls for greener fleets

Shares of Chinese electric vehicle makers rallied on Tuesday, after Beijing asked central government agencies to deploy more battery-powered cars in their fleets.

Hong Kong-listed shares in EV companies Nio jumped 9 per cent, while Xpeng and Leapmotor both gained 3 per cent.

The benchmark Hang Seng index was little changed.

In principle, EVs should account for no less than 30 per cent of new vehicles purchased annually, according to a statement released on the National Government Offices Administration’s website on Monday.

Earlier this year, the Chinese government also kicked off a subsidy programme to provide more than Rmb20,000 ($2,800) for consumers who trade in their old petrol-powered cars for greener EVs.