Understanding the Market | Automotive stocks weaken, major differences remain in China-Europe electric vehicle tariff negotiations, XPeng denies compromising with the European Union behind closed doors

According to the Wise Finance APP, the trend of automotive stocks is weak. As of the time of publication, XPeng-W (09868) fell by 2.99% to HKD 40.6; Brilliance China (01114) fell by 1.08% to HKD 2.75; Great Wall Motor (02333) fell by 0.76% to HKD 13.04.

On the news front, according to CCTV News, the Ministry of Commerce held a press conference on the afternoon of the 17th. The Ministry of Commerce spokesperson responded to the progress of China-EU electric vehicle tariff negotiations: So far, China has shown the greatest sincerity and flexibility, and significant progress has been made in some areas. However, due to the EU's lack of active response to core concerns of the China-EU industry, there are still major differences in the negotiations. China has formally invited the EU technical team to come to China as soon as possible for the next stage of negotiations, and is fully prepared for this, waiting for the EU's response.

On October 4th, the EU voted on a tariff proposal, which will significantly increase the tariffs on Chinese electric vehicle exports to the EU to a maximum of about 45%. It is worth noting that recently, several Weibo accounts have claimed that XPeng has compromised with the EU. XPeng's legal department on Weibo stated that there are malicious online attacks on the company, spreading false information online, and disseminating the same content for proliferation. Legal procedures have been initiated. In addition, in response to the recent malicious attacks on the XPeng P7+, XPeng executives responded on Weibo, stating that the company's legal department has been advised to follow up