An electric car from the Nio ES6 is on display in an auto 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 automakers collectively added $ 13.65 billion in value on Tuesday as their stock prices rallied.
The Chinese start-ups – Nio, Xpeng Motors and Li Auto – followed their American rival Tesla higher.
Tesla shares were up nearly 20% on Wednesday as Wall Street technology stocks rebounded overnight.
On Tuesday, Nio closed 17.44% higher at $ 41.35, Li Auto was up 8.2% at $ 23.08 and Xpeng Motors was up 11.33% at $ 29.97.
Electric vehicle manufacturers were also boosted by a Reuters report that the three companies could run a secondary listing in Hong Kong as early as this year. Hong Kong secondary listings are a popular route for Chinese companies already listed on Wall Street.
Nio, Li Auto and Xpeng have had massive gatherings so far. Nio is up more than 1,000% in the last 12 months. Xpeng’s stock price has nearly doubled since its August IPO.
All three automakers have also released their forecasts for vehicle deliveries for the first quarter.
Nio said it expects to deliver 20,000 to 20,500 cars in the March quarter, more than in the December quarter. Xpeng, meanwhile, expects deliveries of 12,500 vehicles in the first quarter, slightly less than in the fourth quarter. Li Auto said it would deliver between 10,500 and 11,500 cars in the first three months of 2021, down from the fourth quarter. The first quarter concerned the Chinese New Year holiday.
According to the China Passenger Car Association, retail sales of so-called new energy passenger cars were 97,000 in February, up 675% year-on-year. In February 2020, almost all of China was effectively locked down to deal with the coronavirus outbreak, good for a low base. But the February 2021 numbers were down 37.9% from January.