A Nio ES6 electric vehicle is on display in the Wanda Plaza Automotive Experience Zone on November 28, 2020 in Beijing, China.
VCG | Visual China Group | Getty Images
GUANGZHOU, China – Three Chinese electric car manufacturers listed in the United States on Tuesday added a collective value of $ 13.6 billion as stock prices rose.
Chinese start-ups (Nio, Xpeng Motors and Li Auto) followed their American rival Tesla higher.
Shares of Tesla rose nearly 20% on Wednesday as Wall Street tech stocks rose overnight.
On Tuesday, Nio closed up 17.44% to $ 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 hold a secondary listing in Hong Kong as early as this year. Secondary ads in Hong Kong have been a popular route for Chinese companies already listed on Wall Street.
Nio, Li Auto and Xpeng have had large concentrations so far. Nio has risen more than 1,000% in the last twelve months. Xpeng’s share price has nearly doubled since its initial public offering in August.
The three automakers have also released their vehicle delivery forecast for the first quarter.
Nio said he expects to deliver 20,000 to 20,500 cars in the March quarter, higher than the December quarter. Meanwhile, Xpeng expects deliveries of 12,500 vehicles in the first quarter, slightly lower in the fourth quarter. Le Auto said it would deliver between 10,500 and 11,500 cars during the first three months of 2021, below fourth-quarter deliveries. The first quarter was the Chinese New Year celebration.
In February, retail sales of so-called new passenger energy vehicles reached 97,000, up 675%, according to the Chinese passenger car association. In February 2020, almost all of China effectively shut down to deal with the coronavirus outbreak, which was a low base. But the figures for February 2021 were down 37.9% from January.