The Nio ES6 electric vehicle is on display at Wanda Plaza’s automated experience area on November 28, 2020 in Beijing, China.
VCG | China Vision Group Getty Images
GUANGZHOU, China – Three listed Chinese electric carmakers valued at $ 13.65 billion on Tuesday as their stock prices rose.
The Chinese companies – Nio, Xpeng Motors and Li Auto – outperformed their American rival Tesla.
Tesla shares rose nearly 20% Wednesday as tech stocks rallied on Wall Street overnight.
On Tuesday, Nio closed 17.44% higher at $ 41.35, Li Auto rose 8.2% at $ 23.08 and Xpeng Motors rose 11.33% at $ 29.97.
The manufacturers of the electric vehicles were also boosted by a Reuters report that the three companies could make a secondary listing in Hong Kong as early as this year. High school listings in Hong Kong have become a popular route for Chinese companies already listed on Wall Street.
Nio, Li Auto and Xpeng have had big rallies so far. Nio is up over 1,000% in the last 12 months. Xpeng’s share price has almost doubled since its first public offering in August.
The three manufacturers have also delivered their forecast for vehicle delivery for the first quarter.
Nio said it expects to deliver 20,000 to 20,500 cars in the fourth quarter of March, higher than the December quarter. Meanwhile Xpeng expects deliveries of 12,500 vehicles in the first quarter, down slightly from the fourth quarter. Li Auto said it delivered between 10,500 and 11,500 cars in the first three months of 2021, lower than deliveries in the fourth quarter. In the first season there was a New Year holiday in China.
In February, sales of new energy passenger vehicles reached 97,000, an increase of 675% year-on-year, according to the China Passenger Car Association. In February 2020, almost all of China was effectively locked in to deal with the coronavirus revolution, accounting for a low base. But the February 2021 figures were down 37.9% from January.