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Singapore-Based E-Commerce Aggregator Una Brands Raises $40 Million for Asia-Pacific Acquisitions
Video Streamer iQiyi Apologizes for Milk Gimmick Gone Sour
Singaporean Ride-Hailing Firm Grab to Launch New Services for Premium Passengers, Pet Owners
TikTok Retains Crown as World’s Top Non-Game App Despite 50% Drop in Downloads
Tencent Reportedly Negotiating Risk-Mitigation Measures to Retain U.S. Gaming Investments
Foxconn to Set Up Chipmaking Joint Venture with Yageo
Excluding Chinese Vendors from Indian 5G Trials Will Hold Back Development, Diplomat Says
Alibaba-Backed MYBank Eyes Deeper Penetration Into Under-Banked Rural China
Vivo and Oppo Claim Top Two Spots in China Smartphone Market as Huawei Falls
U.S. Urges TSMC to Prioritize Supplies to American Carmakers Grappling with Global Chip Shortage
Indonesian Ride-Hailing Unicorn Gojek Aims to Go All Electric by 2030
Tencent-Backed Insurtech Firm Waterdrop Aims to Raise up to $360 Million in U.S. IPO
Which Money-Losing Electric-Car Makers Have Tied Up With Huawei?
Video Platform Bilibili to Buy Stake in Mobile-Game Maker CMGE to Boost Content
Baidu to Roll Out Driverless Robotaxis in Beijing in May
Tesla Challenger Nio Shrinks Losses as Sales Surge
Trending in China: A Beijing Bureaucrat Worked as Delivery Driver for a Day and Earned Just $6
Fjord Focus: Why Are Chinese Electric-Car Makers Flocking to Norway?
Alibaba Has Big Plans for Taobao’s Livestreaming Hawking Business
Xiaomi Extends Reign as India’s Smartphone King Despite Slipping Market Share
Chinese NEVs Move Into Fifth Gear

By Anniek Bao / Nov 10, 2020 12:36 PM / Economy

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 (

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

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