A Nio ES6 electric vehicle is on display in a car experience area of Wanda Plaza on November 28, 2020 in Beijing, China.
VCG | Visual China Group | Getty Images
GUANGZHOU, China – Three US-listed Chinese electric vehicle manufacturers added a collective value of $ 13.65 billion on Tuesday as their stock prices rose.
Chinese start-ups – Nio, Xpeng Motors and Li Auto – followed their American rival Tesla above.
Shares of Tesla rose nearly 20 percent on Wednesday as stocks of technology on Wall Street rallied overnight.
On Tuesday, Nio closed up 17.44% higher at $ 41.35, Li Auto rose 8.2% to $ 23.08, and Xpeng Motors rose 11.33% to 29.97 dollars.
Electric vehicle manufacturers also received a boost through a Reuters report that the three companies could make a secondary list in Hong Kong as soon as this year. Hong Kong secondary listings have been a popular way for Chinese companies that are already listed on Wall Street.
Nio, Li Auto and Xpeng have had huge rallies so far. Nio has grown by more than 1,000% in the last 12 months. The share price of Xpeng has almost doubled since the initial public offering in August.
All three carmakers also released their forecast for vehicle deliveries for the first quarter.
Nio said it expects to deliver between 20,000 and 20,500 cars in the March quarter, 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 will deliver between 10,500 and 11,500 cars in the first three months of 2021, less than its fourth-quarter deliveries. The first quarter involved Chinese New Year.
In February, retail sales of so-called new passenger energy vehicles reached 97,000, an increase of 675% year-on-year, according to the China Automobile Association. In February 2020, almost all of China was effectively blocked to deal with the coronavirus outbreak, representing a low base. But the figures from February 2021 represented a decrease of 37.9% compared to January.