(Yicai Global) Dec. 29 -- Automaker Wuling Motors Holdings’ shares [HKG:0305] were down 18.71 percent to HKD2.52 (33 US cents) in late afternoon trading following their sudden plunge to nearly 30 percent to HKD2.20 for no apparent cause, after abruptly spiking an equally inexplicable 42.9 percent to HKD4.43 earlier today.

This sharp undulation comes after its stock had surged over 10 times within the last two and half months on the favorable reception of its latest electric vehicle model.

Wuling sold 33,000 of its Mini EVs last month, while the second-ranked Tesla Model 3 sold 22,000, data the Chinese Joint Advisory Committee of China Passenger Car Market released on Dec. 1 show. This was the third straight month that Wuling's Mini EV had defended its NEV sales championship crown.

The model is a pure electric vehicle Wuling, which is based in Southwest China’s Guangxi Zhuang Autonomous Region, launched in July stickered at CNY28,800 (USD4,388). The model has found favor since its debut in the market, and its share has ballooned to 43 percent.

This swift growth propelled its stock to its pinnacle of HKD 4.43 today from about HKD0.30 in mid-October.

Editor: Ben Armour, Xiao Yi