China's growing fascination with Tesla’s sleek designs and cutting-edge technology is giving the country's electric vehicle startups the traction to raise more funding, expand production and boost sales
BEIJING - China’s electric vehicle startups are on the charge again, thanks to Tesla.
Speaking ahead of the Beijing auto show which starts on Saturday, Fu said the relative success of U.S. initial public offerings by XPeng and Li Auto had helped fuel the company’s ambitions to list. Some prominent Chinese EV startups such as Byton and Singulato have struggled and NIO’s future looked in doubt last year. But a surge in Tesla’s market value - and its sales in China - suggest the country’s EV dream is far from over.
Dunne, too, said Tesla was the primary factor sustaining interest in EVs among consumers and investors in China, and elsewhere in the world. Tesla’s shares have surged 10-fold over the past 12 months and it became the world’s most valuable car company in July.
Credit also goes to Wuling, a General Motors Co joint venture, whose Hongguang Mini EV has become China’s best-selling electric car this year, in part because its cheapest model sells for just 28,800 yuan. NIO, for example, has raised $3.8 billion this year to get back on track, mostly through state-affiliated funds in the eastern Chinese province of Anhui, and also with commercial paper and additional shares, its spokesman said.
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