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Dec. 17, 2020 5:30 am ET
China’s electric-vehicle makers have surged in value, boosted by bold national green-energy targets and individual investors hoping for a repeat of Tesla Inc.’s stunning performance.
American depositary receipts in NIO Inc., the best known Chinese company focused solely on electric vehicles, have jumped roughly 11-fold this year, lifting its market value to nearly $70 billion as of Wednesday, according to FactSet. In Hong Kong, shares of Warren Buffett-backed BYD Co. , which produces hybrid electric- and gasoline-powered cars, as well as batteries, have more than quadrupled, valuing it at $69 billion.
The meteoric rises put these companies in line with large traditional car makers, such as General Motors Co. and Ford Motor Co. , which had market values of $59 billion and $36 billion, respectively, on a fully diluted basis.