Electric car manufacturer becomes China’s most expensive carmaker

Electric car manufacturer becomes China’s most expensive carmaker

November 24, 2020 0 By autotimesnews

NIO became the fourth largest automotive company in the world by capitalization, behind only Tesla, Toyota and Volkswagen

Yesterday’s trading on stock exchanges was extremely successful for e-mobility companies. For example, the shares of the Chinese automaker NIO, which makes only electric cars, rose 12.45%. Now the corporation is worth $ 75.44 billion, ranking first among carmakers in China and fourth in the world by this indicator, second only to Tesla, Toyota and Volkswagen.

Despite the stock market success, NIO is selling a small number of cars so far. In the third quarter, the company sold only 12.2 thousand cars, while Volkswagen and Toyota sold several million each. But for investors it turned out to be more important that Volkswagen and Toyota are seeing a drop in sales, while NIO’s sales are up 154% compared to the same period last year.

The shares of the startup Xpeng, which recently promised to become the first automaker in the world to release an electric car with a serial lidar, showed even greater growth. The stock gained 33.92%, and now Xpeng is the tenth richest car company, knocking Honda out of the top ten.

Tesla shares are up 6.58% and are now worth $ 521.85 per share. This is more than five times more than the indicators of the beginning of 2020. In the summer alone, Tesla surpassed Toyota as the world’s most expensive automaker. Now Elon Musk’s company is almost 2.5 times more expensive than Toyota.