Chinese electric cars threaten the throne of “Tesla”

Chinese start-up electric car companies, Niu, Li Auto and Xpeng have announced big hikes in deliveries in 2020 in the past few days.

From January to November, sales of pure electric cars grew 4.4% compared to a year ago, compared to a 7.6% decline in total passenger car sales during the same time, according to the Chinese Ministry of Industry and Information Technology.

Shares of the three emerging Chinese companies, all of them listed in New York, rose, and Neo was one of the best Chinese companies listed in the United States in 2020, with gains of more than 1100%. According to what was reported by “CNBC”, and seen by “Al-Arabiya.net”.

Despite the equity gains that outperformed Tesla, the three companies combined sold a fifth of what Tesla had sold over the past year.

Niu sales doubled

NIO said deliveries more than doubled in 2020 from a year ago, to 43,728 vehicles.

The company was established in September 2018, but it faced financial difficulties a year later, but it obtained financing of one billion dollars from state-backed investors, and the company seeks to resume international expansion plans in the second half of 2021, starting with Europe.

Lee Auto

Another Chinese start-up, Li Auto, announced on Friday the delivery of 32,624 cars last year, just about 12 months after it delivered its first cars to customers.

The automaker said deliveries of the company’s first model, the Li Wan SUV, reached a monthly record of 6,126 in December.

Shares have risen 150% since the initial public offering to start operating on the Nasdaq in July.

Xpeng

Xpeng announced Monday that it delivered 27,041 vehicles in 2020, more than double compared to last year. The company delivered 5,700 electric vehicles in December, for the second consecutive month of gains.

The new B7 sedan that began mass deliveries in late June made up more than half of the overall total.

Shares have risen more than 185% since the initial public offering on the New York Stock Exchange in August.

Tesla launches a new model made in China

On Saturday, Tesla said it delivered 499,550 cars last year, 50 less than its 2020 target.

Nevertheless, the Elon Musk automaker set a new quarterly record with 180,570 vehicles delivered in the last three months of the year.

Tesla said Friday that deliveries of its “Model Y” model would start at 339,900 yuan, equivalent to $ 52.69, which is 30 percent less than the initially reported cost of 488,000 yuan ($ 75.6,000).