The relatively young electric vehicle industry has seen massive gains in the past few years as the world at large moves towards zero-emission vehicles and green, renewable energy. While American electric car (“EV”) company Tesla has seen its stock price surge over the course of 2020 and 2021, making it the most valuable car company in the world, Chinese EV makers have been right behind. Just last week, a surge in their stock prices added a cumulative $13.65 billion in value to China-based EV companies that are listed on Wall Street.
The increase in stock price is part of an extensive rally among technology stocks at Wall Street, with Tesla’s shares seeing a 20% surge in price the same week. Additionally, a report by Reuters stating that Chinese EV makers Li Auto, NIO and Xpeng Motors could be allowed to get a secondary listing on the Hong Kong stock exchange this year was partly the reason for the jump in share prices. This has been a popular approach for lots of Chinese companies that have a listing on the U.S. stock exchange.
At the end of the day on March 9, Li Auto closed 8.2% higher at $23.08, NIO was up 17.44% at $41.35, and Xpeng Motors was up 11.33% at $29.97. Since it first went public in August, Xpeng’s share price has almost doubled while NIO has seen a 1,000% surge in share price in the past 12 months. According to vehicle delivery forecasts released by the three EV makers, NIO expects to deliver 20,0000–20,500 EVs in the March quarter, Li Auto expects deliveries of between 10,500 and 11,500 cars while Xpeng expects to deliver 12,500 vehicles in the same quarter.
Thanks to a new stimulus package and falling bond yields, investors in the United States flocked to buy stocks that are likely to benefit as the economy recovers from the coronavirus pandemic, pushing the Dow Jones Industrial Average up by more than 400 points. Tesla has seen increased competition from Chinese EV makers in the past few months, with the Chinese firms enjoying increased sales in China, due to a varied lineup of EV models.
In February, Chinese drivers bought 97,000 clean-energy passenger vehicles, reports the China Passenger Car Association. This was a 675% increase compared to last February when the coronavirus pandemic locked down most of the country, leading to reduced EV sales.
Another form of clean energy that is likely to gain traction in the coming years is hydrogen energy. Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) is betting on such a future as it is aggressively setting up hydrogen fuel stations across the country so that motorists can access hydrogen fuel as easily as they access gas at filling stations.
NOTE TO INVESTORS: The latest news and updates relating to Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) are available in the company’s newsroom at https://ibn.fm/MOTNF
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