Chinese language electrical automakers added $ 13.65 billion in worth with Tesla’s rise
A Nio ES6 electric vehicle will be on display in a vehicle experience area in Wanda Plaza in Beijing, China on November 28, 2020.
VCG | Visual China Group | Getty Images
GUANGZHOU, China – Three US-listed Chinese electric car makers posted collective appreciation of $ 13.65 billion on Tuesday as their share prices rose.
The Chinese startups – Nio, Xpeng Motors, and Li Auto – followed their American rival Tesla higher.
Tesla stock rose nearly 20% on Wednesday as technology stocks rallied on Wall Street overnight.
On Tuesday, Nio closed 17.44% higher at $ 41.35, Li Auto rose 8.2% to $ 23.08, and Xpeng Motors rose 11.33% to $ 29.97.
Electric vehicle manufacturers also received a boost from a Reuters report that the three companies could have a secondary listing in Hong Kong as early as this year. Secondary listings in Hong Kong have been a popular route for Chinese companies already listed on Wall Street.
Nio, Li Auto and Xpeng have had major rallies so far. Nio is up over 1,000% in the past 12 months. Xpeng’s share price has nearly doubled since going public in August.
All three automakers have also released their vehicle delivery forecast for the first quarter.
Nio expects to deliver 20,000 to 20,500 cars in March, more than in December. Xpeng expects to ship 12,500 vehicles in the first quarter, a slight decrease from the fourth quarter. Li Auto said it will ship between 10,500 and 11,500 cars in the first three months of 2021, fewer than in the fourth quarter. The first quarter included the Chinese New Year holidays.
According to the China Passenger Car Association, retail sales of so-called new energy passenger cars were 97,000 in February, an increase of 675% over the previous year. In February 2020, almost all of China was effectively locked down to deal with the coronavirus outbreak, due to a low base. However, the February 2021 numbers were a 37.9% decrease from January.