By Jacky Wong Close Jacky Wong July 20, 2020 7:18 am ET The Tesla TSLA 9.47% frenzy is supercharging shares of Chinese electric-vehicle makers as well. The question is how long that will last—and if there is really enough high-end EV demand to go around.
Bubbly Tesla shares have, unsurprisingly, helped light a fire under the broader Chinese EV sector as well. Nasdaq-listed Nio has gained 175% this year and hit a record high last week. That is despite the fact that as recently as the beginning of 2020, the company was scrambling for cash, before it received a financial lifeline from state investors. Nio’s Alibaba-backed rival, Xpeng Motors, said Monday it has raised nearly $500 million from investors including Sequoia Capital.
EVs still cost too much for mass adoption, especially after the Chinese government slashed subsidies last year. A big part of EV demand comes from corporate and government fleets; individual buyers are concentrated in the large cities and may be buying a Tesla for the cool factor. Another problem is the lack of charging facilities. The government hopes to work on this bottleneck in its latest infrastructure push.
EV cars are powered by coal. Just fyi... electricity doesn't magically appear.
Okeeey
19年中国电动车销量是亚洲第一也是世界第一
Data from China being manipulated to benefit financial interests? You’re kidding
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: CNBC - 🏆 12. / 72 Read more »