(Yicai) Nov. 4 -- Shares of Chinese electric vehicle makers, including auto giant BYD, climbed after they reported record sales for last month, buoyed largely by government policies promoting vehicle trade-ins.

BYD [SHE: 002594] jumped 5.7 percent to close at CNY306.98 (USD43.27) a share in Shenzhen today, while its Hong Kong-traded stock [HKG: 1211] ended up 3.5 percent at HKD287.40 (USD36.97). Geely Automobile Holdings [HKG: 0175] added 4.6 percent to HKD14.48 (USD1.86). 

Half of the 18 auto brands that have so far released their October sales figures for new energy vehicles logged year-on-year growth close to or above 80 percent, Yicai calculated. Seven are traditional carmakers, while the other two are EV startups Leapmotor and Aito.

Shenzhen-based BYD continued to lead the pack, selling in excess of 500,000 NEVs for the first time. Its shipments surged 66 percent from a year ago to 502,600. Sales of Geely's Galaxy marque soared 83 percent to 63,492, while that of its Zeekr brand surged 92 percent to 25,049.

Changan Automobile's Deepal marque logged an 80 percent jump in sales to 27,862, while its Avatr brand saw sales soar two-and-a-half-fold to 10,056.

Changan Auto’s shares [SHE: 000625] finished 6 percent higher at CNY14.30 apiece.

Recent government measures, such as increased subsidies for trading in older vehicles for new ones, have stimulated demand, according to analysts. Seven government departments, including the commerce ministry, raised subsidies for vehicle trade-ins in August.

There are around 10,000 applications each day to trade in old cars for new ones, according to the China Passenger Car Association. As more vehicle upgrade policies are rolled out around the country, an even more pronounced jump in demand is expected.

Dongfeng Motor's Voyah brand reported a 67 percent leap in sales to over 10,000 last month, and SAIC Motor's IM marque scored a 149 percent gain, also topping 10,000 autos. Chery New Energy’s shipments soared nearly four-and-a-half times to 71,330. Great Wall Motor sold 32,000 NEVs, but did not disclose the growth rate.

Sales at NEV startups also performed well, although their growth rates were lower than that of the traditional carmakers. Li Auto logged a 27 percent jump to 51,443. Leapmotor and Aito’s shipments more than doubled to 38,177 and 36,011, respectively.

Xpeng Motors’ sales climbed 20 percent to 23,917, while Nio’s shipments jumped 31 percent to 20,976 and Xiaomi Auto sold more than 20,000.

Editor: Kim Taylor