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Analysts said this is probably because most of the models in the segment are high-end and many carmakers have spent more time on sedans than on SUVs which became a hit only several years ago.

Angus, who wrote the recent report Top 10 Global Consumer Trends for 2018, said many of the new behaviors among young consumers in China follow global trends, as the internet and social media increasingly bridges borders.

And it wasn’t just a marketing stunt; both companies showed up in countless product announcements, all without actually unveiling any new products of their own.

Analysts at China International Capital Corp Ltd said in a research note that A-share valuations could be more attractive after the latest correction and the stock prices will likely be supported by the listed companies' earnings improvements.

Analysts believe local authorities' shift of their funds from subsidies on vehicles to charging infrastructure will help stimulate people's interest as they can alleviate people's mileage anxieties. By the end of April, there were around 830,000 charging poles in China.