On October 24th, influenced by the third quarter profit exceeding market expectations, Tesla's stock price surged nearly 22%, the largest daily increase since May 2013, and its market value increased by about $150 billion. Boosted by Tesla's surge, the A-share new energy vehicle sector overall strengthened, with the battery sector leading the gains.
In addition to short-term news stimulating stock price performance, the fundamentals of new energy vehicles are also continuously improving. According to data from the China Association of Automobile Manufacturers, in September 2024, the production and sales of new energy vehicles reached 1.307 million and 1.287 million respectively, an increase of 48.8% and 42.3% year-on-year. From January to September 2024, the production and sales of new energy vehicles reached 8.316 million and 8.32 million respectively, an increase of 31.7% and 32.5% year-on-year. In September 2024, the export of new energy vehicles reached 111000 units, a month on month increase of 0.9% and a year-on-year increase of 15.6%. From January to September 2024, the export of new energy vehicles reached 928000 units, a year-on-year increase of 12.5%.
Yongxing Securities pointed out that as the autumn price reduction trend gradually stabilizes, the market is gradually returning to a normalized competitive situation of incremental promotion. With the strengthening of promotional subsidies for national scrapping and renewal, the market has rebounded, and the driving effect on the car market is obvious. Therefore, the pressure of price wars has relatively eased, and the car market has entered a good state of sustained strength at the end of the year.
Guotai Junan Securities also stated that several city governments have recently introduced the latest details of the "trade in" policy, and the National Day Golden Week holiday has stimulated automobile consumption, jointly promoting the sustained sales of new energy vehicles. In addition, during the traditional "Silver Ten" sales peak season, as the weather turns cold and the autumn harvest ends, the enthusiasm for buying cars in lower tier cities will gradually be released, and the sales of new energy vehicles will also gradually heat up. It is expected that these will collectively further drive the high sales growth in October. Under the promotion of a series of central policies to promote consumption, the consumption and sales performance during the National Day Golden Week was outstanding. Guotai Junan Securities believes that the growth in car sales in October will be more significant than in September.