Shares of Chinese electric vehicle companies jumped sharply after most Chinese automakers, including BYD, reported record deliveries in October. This is reported by Bloomberg.
BYD shares rose 5.6% in the morning trading session in Hong Kong. Shares in rivals including Xpeng Inc and Geely Automobile Holdings Ltd also rose more than 6 percent, following a strong rise in shipments in October.
Analysts say the results come after the impact of a series of national and local subsidies in China designed to encourage drivers to switch from petrol cars to electric vehicles.
These incentives helped electric car sales rise last month as well, a trend that has continued for seven consecutive months, while China's gasoline car purchases continue to decline.