‘Elon Musk Of China’ Regains Billionaire Status With 472% Stock Surge

William Li has rejoined the ranks of the world’s billionaires as shares of his electric-car startup NIO rallied this The gains mark a dramatic comeback for a company that had earlier been struggling to boost sales.

Curated via Twitter from Forbes Tech’s twitter account….

Consumers bought a total of 98,000 such vehicles in July, up 19% from a year ago, according to the China Association of Automobile Manufacturers. “Last year, people were worrying that NIO didn’t have enough cash to last for another year,” Teng said. “Now, you can see from the capital markets that investors are optimistic for electric car companies.

It turns out that NIO’s deliveries actually tripled to a record 10,331 vehicles in the second quarter compared to a year earlier, and revenue rose to 3. 72 billion yuan, as China’s auto market was showing early signs of a post-pandemic recovery.

Nio’s soaring share price on the Nasdaq lifted Li’s net worth from $572. 4 million on May 22 to its current level of $2. 9 billion. “The company is doing well this year.

In August, NIO began to allow consumers to buy its cars without battery packs, allowing them instead to have the option of renting the components later for a monthly fee at its battery-swap stations. “Tesla has better and more convenient charging stations in China,” said Automotive Foresight’s Zhang. “NIO, on the other hand, is doing battery swaps.

By pricing his electric SUVs at a range of 358,000 to 558,000 yuan, the billionaire car builder is targeting China’s wealthier consumers–a market segment Tesla also hopes to win with its locally manufactured Model 3s, said John Zeng, a Shanghai-based director at consultancy LMC Automotive.

Buoyed by strong sales, Tesla surged almost sixfold this year, making founder Elon Musk the world’s fifth-richest person with a net worth of $85. 8 billion. The NIO Inc.

The turning point came in May when Li reported stronger than expected sales of 1. 37 billion yuan ($194 million) in the first quarter, and then predicted that revenue and shipments would more than double in the following quarter.

Sales of new-energy vehicles in China began to recover this year after the Covid-19 pandemic was brought under control.

Link to original article….

Leave a Reply

Leave a comment
%d bloggers like this:
scroll to top