Recent results show a group of Chinese electric vehicle startups are moving into the financial fast lane, as they seek to follow larger U.S. rival Tesla. The race is now on to see who can become the General Motors and Toyotas of a future powered by cleaner-burning vehicles.

Demand for Chinese EV makers’ shares listed in the U.S. have soared in recent weeks, in a sign that investors are betting on long-term prospects for the fast-emerging sector as these startups reported higher-than-expected sales in October.

Nio Inc. almost doubled its share price in the 30 days through Nov. 9, giving the company a market value of $59.96 billion, ahead of the 112-year-old General Motors Inc. at $55.76 billion as of market close on Monday.

Nio’s founder and President Li Bin took the soaring stock prices as a sign that Chinese NEVs will inevitably expand their foothold overseas.

Although the Chinese-based automaker is now more valuable than General Motors, the Detroit-based automaker outperformed Nio in terms of deliveries by a considerable margin. The U.S. giant delivered 771,400 vehicles in the third quarter in China alone, compared with Nio’s far more modest total of 5,055 vehicles for the month.

Read the full story here.

Contact editor Marcus Ryder (marcusryder@caixin.com)

Related: Almost All New Cars Sold in China Will Be Battery Powered by 2035, Blueprint Predicts