HK Stock Market Move | DONGFENG GROUP (00489) falls more than 4% again, with full-year car sales expected to drop by around 9.2% year-on-year in 2024.

DONGFENG GROUP (00489) fell more than 4%, dropping 4.2% to HK$3.19 as of press time, with a turnover of HK$95.2137 million. On the news front, DONGFENG GROUP recently announced that the company's total car sales from January to December 2024 were 1.8959 million units, a decrease of approximately 9.2% year-on-year. The parent company, Dongfeng Motor Group Co., Ltd., sold a total of 2.4806 million cars from January to December, an increase of approximately 2.5% year-on-year. The subsidiary Dongfeng Motor Corporation sold a total of 155,000 cars from January to December, an increase of approximately 2.5% year-on-year. It is worth noting that Cui Dongshu, Secretary-General of the China Passenger Car Association, analyzed on the 9th that the scale of new energy vehicles is experiencing explosive growth, with a significant increase in batch volume and a noticeable decrease in per vehicle cost. Moreover, the competitive landscape in the industry has not stabilized yet. Therefore, in this high-growth market, the "price war" is expected to continue in 2025, and it will be extremely intense.