Chinese electric car makers add $ 13.65 billion in value as Tesla increases

Chinese electric car makers add $ 13.65 billion in value as Tesla increases

The Nio ES6 electric vehicle is on display at the Wanda Plaza automobile experience area on November 28, 2020 in Beijing, China.

VCG | Optical China Group | Getty Images

GUANGZHOU, China – Three Chinese electric vehicle makers listed in the United States added a collective value of $ 13.65 billion on Tuesday as their share price rose.

Chinese startups – NewAnd the Exping Motors And the Lee Otto – They followed their American rival Tesla Top.

Tesla shares rose nearly 20 percent on Wednesday Like Tech stocks rose on Wall Street overnight.

On Tuesday, Nio closed up 17.44% at $ 41.35, Li Auto was up 8.2% at $ 23.08, and Xpeng Motors was up 11.33% at $ 29.97.

Electric vehicle makers have also been boosted by an amount Reuters The report said the three companies may make a secondary listing in Hong Kong as soon as this year. Secondary listings in Hong Kong have been a popular avenue for Chinese companies already listed on Wall Street.

Nio, Li Auto and Xpeng have seen huge rallies so far. Nio is up over 1,000% in the last 12 months. Xpeng’s share price has Nearly doubled since its initial public offering in August.

All three automakers have it, too They released their forecasts for vehicle deliveries for the first quarter.

Nio said it expects 20,000 to 20,500 vehicles to be delivered in the March quarter, up from the December quarter. Meanwhile, Xpeng expects to deliver 12,500 vehicles in the first quarter, down slightly from the fourth quarter. Li Auto said it will meet Between 10,500 and 11,500 cars were delivered in the first three months of 2021, less than delivered in the fourth quarter. The first quarter included the Chinese New Year holiday.

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In February, retail sales of so-called new energy passenger cars reached 97,000, an increase of 675% year-on-year, according to the China Passenger Vehicle Association. In February 2020, almost the whole of China was in lockdown to deal with the coronavirus outbreak, which is a low norm. But the February 2021 numbers were down 37.9% from January.

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