Caixin
Jun 25, 2022 06:55 PM
BUSINESS

China Electric-Vehicle Stocks Are All the Rage, Trouncing Tesla

The Tesla Inc. Gigafactory in Shanghai, China, on Wednesday, June 15, 2022. Tesla has staged a remarkable comeback in terms of its production in China, with May output more than tripling despite the electric carmaker only recently getting its Shanghai factory back up to speed after the city’s punishing lockdowns. Photo: Bloomberg
The Tesla Inc. Gigafactory in Shanghai, China, on Wednesday, June 15, 2022. Tesla has staged a remarkable comeback in terms of its production in China, with May output more than tripling despite the electric carmaker only recently getting its Shanghai factory back up to speed after the city’s punishing lockdowns. Photo: Bloomberg

(Bloomberg) — Shares of China’s electric-vehicle makers are trouncing global industry leader Tesla Inc., bolstered by Beijing’s consumption incentives and heavy dip-buying from investors.

American depository receipts of Nio Inc., XPeng Inc. and Li Auto Inc. have surged at least 64% each over the past month to be among the top gainers in Chinese stocks traded in the US. The sharp rally reflects improving sentiment following a monthslong slump due to worries over high valuation and supply bottlenecks.

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