People work at the assembly line of China's leading automaker FAW Group Co., Ltd. based in Changchun, capital of Northeast China's Jilin Province, April 22, 2022. Photo: Xinhua

Chinese automobile stocks opened higher on Tuesday on back of remarkable sales in leading manufacturers as well as a raft of policies to support the stable expansion of domestic automobile market.

Leading Chinese carmaker BYD closed up by 4.99 percent on Tuesday to 273.67 yuan ($38) per share. The Company's trading volume reached 6.72 billion yuan, topping both of the Shenzhen and Shanghai stock exchanges.

The company announced on Monday night that the company's third-quarter profit may jump by up to 365 percent, whereas its profit for the first three quarters of the year may grow by 289 percent. Meanwhile, the company participated the ongoing 2022 Paris Motor Show, displaying the company's Han EV, ATTO 3 (known as Yuan Plus in China), Tang models and delivering automobiles to its first group of buyers, according to a company Sina Weibo post.

China's largest SUV maker Great Wall Motors climbed up by 0.11 percent to 27.52 yuan per share. The company unveiled on Monday five new-energy vehicle models under its two sub-brands at the auto show.

CIMC Vehicles Group Co, a leading manufacturer of sophisticated manufacturing for semi-trailers and specialty vehicles, rose 2.9 percent to 8.16 yuan per share.

That came as authorities rolled out the policy of further reducing expressway tolls for trucks in the fourth quarter of the year, which is expected to promote the growth of road logistics and ramp up the recovery of the commercial vehicle market.

Thanks to effective government policies aimed at boosting domestic demand, China's passenger car market saw sales of 1.90 million units in September, a year-on-year increase of 21 percent, driven particularly by new-energy vehicles (NEVs), the latest data from the China Passenger Car Association (CPCA) showed.

The CPCA estimated that wholesale figures for NEV manufacturers in September came to 664,000 units, an increase of about 90 percent compared with the same period last year.

Meanwhile, China's automobile exports continued their strong momentum in September, cementing the country's newly earned position as the world's second-largest vehicle exporter, as local carmakers step up efforts to explore overseas markets.

In September, China's carmakers exported 301,000 vehicles. Total exports in the first three quarters hit 2.12 million units, up 55.5 percent on a yearly basis, and surpassed the total in 2021, the first year China's vehicle exports exceed 2 million units, according to data from China Association of Automobile Manufacturers.

Despite disruptions such as the price rise of raw materials and the COVID-19 pandemic in the first half of the year, the country's policies on stabilizing growth and promoting consumption have effectively supported the automobile industry to navigate difficulties and maintain rapid growth.

It is expected that the country's automobile output and sales would continue robust rebound in the fourth quarter as the economic situation continues to improve, supported by a range of policies targeting economic stability.

Global Times