An Nio ES6 electric vehicle is on display in an automotive experience area at Wanda Plaza on November 28, 2020 in Beijing, China.
VCG | Visual China Group | Getty Images
GUANGZHOU, China – Three Chinese electric car manufacturers listed in the U.S. added a collective value of $ 13.65 billion on Tuesday, as their share prices soared.
Chinese start-ups – Nio, Xpeng Motors and Li Auto – followed their tallest American rival Tesla.
Tesla’s shares rose nearly 20% on Wednesday, while technology stocks on Wall Street rose overnight.
On Tuesday, Nio closed up 17.44% at a high of $ 41.35, Li Auto rose 8.2% at $ 23.08 and Xpeng Motors rose 11.33% at $ 29.97.
Electric vehicle makers were also encouraged by a Reuters report that the three companies could open a secondary list in Hong Kong later this year. Secondary listings in Hong Kong have been a popular route for Chinese companies that are already listed on Wall Street.
Nio, Li Auto and Xpeng have had great rallies so far. Nio has grown more than 1,000% in the past 12 months. Xpeng’s share price has almost doubled since its initial public offering in August.
All three automakers also released their forecast for vehicle deliveries for the first quarter.
Nio said it expects to deliver 20,000 to 20,500 cars in the March quarter, higher than in the December quarter. Meanwhile, Xpeng expects deliveries of 12,500 vehicles in the first quarter, slightly below the fourth quarter. Li Auto said he would deliver between 10,500 and 11,500 cars in the first three months of 2021, less than fourth quarter deliveries. The first quarter involved the Chinese New Year holiday.
In February, retail sales of so-called new energy passenger vehicles reached 97,000, an increase of 675% over the previous year, according to the China Passenger Car Association. In February 2020, almost all of China was effectively blocked to deal with the coronavirus outbreak, which represents a low base. But the figures for February 2021 were a reduction of 37.9% compared to January.