NEV share slump drags down index
Print Edition
China stocks closed lower yesterday, dragged down by electric vehicle shares.
At close, the Shanghai Composite Index was down 1.19 percent at 3,362.33 points, while the smaller Shenzhen Component Index plunged 1.77 percent to end at 13,656.90 points.
Shares of China Evergrand New Energy Vehicle Group Ltd plummeted 5.2 percent.
The National Development and Reform Commission, China’s state planner, is asking local governments to investigate NEV projects, including Evergrand’s, according to a report.
The investigation is to clarify the investment on NEVs around the country, an indication that the state planner is preventing overcapacity in the sector, according to analysts.
Earlier, the state planner cut sales of NEVs in the overall sales of automobiles to 20 percent from 25 percent.
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