CN EV Makers Pivot Towards African Mkt - Report

　　Chinese electric vehicle makers are shifting their overseas strategy to Africa amid tariff hikes in Europe, Nikkei Asia reported.

　　Neta, a brand of Hozon Automobile, opened a flagship shop in Kenya last month and plans to enter 20 African countries in the next 2 years, as well as opening 100 dealerships and selling more than 20,000 vehicles in the next 3 years.

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　　XPENG-W (09868.HK) -0.200 (-0.670%) Short selling $43.64M; Ratio 14.824% started selling two of its EV models in Egypt in mid-June, while BYD COMPANY (01211.HK) -2.000 (-0.876%) Short selling $284.54M; Ratio 22.447% started selling its Atto 3 EV in South Africa as early as last year.

　　The article noted that European and Japanese brands such as Volkswagen, Toyota and Suzuki have already made a name for themselves in Africa, but they mainly supply petrol cars and have limited options for electric vehicles. The mainland automakers' strategy is to expand their product choices in Africa and to gain greater awareness to attract environmentally conscious consumers.

　　According to the International Energy Agency, electric vehicles account for less than 1% of total car sales in Africa and the Middle East.

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　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-02 16:25.)

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