China’s electric-vehicle makers have raised in value, boosted by national green-energy targets, according to The Wall Street Journal. The surge in China’s EV value is also supported by individual investors hoping for a repeat of Tesla Inc’s stunning performance.
- American depositary receipts in NIO Inc., a Chinese company focused solely on electric vehicles, have jumped almost 11-fold this year, to hit a market value of nearly $70 billion
- In Hong Kong, shares of BYD Co., which produces hybrid electric- and gasoline-powered cars, as well as batteries, have more than quadrupled to hit $69 billion.
- The rise in China’s EV value puts the companies in line with large traditional carmakers, such as General Motors and Ford Motor with market values of $59 billion and $36 billion, respectively.
- Currently, most Chinese EVs are unprofitable and are selling fewer vehicles than major automobile groups
Shares of major China’s EV makers are currently mixed. NIO: NYSE is up 0.26%, XPEV: NYSE is down 2.66%, BYDDF is up 0.41%