CHINA DAILY | HONG KONG EDITION Monday, October 19, 2020 | 17 10 | Wednesday, March 6, 2019 CHINA DAILY Chinese NEV startups getting firmer foothold as sector resumes rise By LI FUSHENG JP Morgan analysts in a research
[email protected] note last week. “In China’s smart electric car mar Chinese electric car startups that ket, we expect Nio to be a longterm have put the bit between their teeth winner in the premium space among to navigate a labyrinth of financial Chinese brands; Xpeng to lead the hardships, weaker demand and the mass market while BYD should like coronavirus pandemic are seeing ly see strong electric car demand signs of approval from both custom with rising external battery sales ers and investors. from 2022,” said JP Morgan analysts Nio, the first startup to launch in the note. massproduction models in the mar Xpeng stock closed $22.16 on Oct ket, saw the price of its shares on the 16, up more than 47 percent from its New York Stock Exchange skyrocket $15 IPO price, while another USlist to a record high of $28.07 on Oct 16, ed startup Li Auto’s stock was $20.5 up 5.92 percent from the previous on the same day, up about 78 percent trading day. from its $11.5 IPO price. The same month in 2019, its stock Xpeng delivered 3,478 vehicles in price was as low as $1.19. Nio was on September, up 145 percent yearon the verge of bankruptcy, warning its year. Li sold 3,830 vehicles in Sep cash flow was not sustainable for tember, and total deliveries in the another 12 months.