U.S-listed Chinese EV makers gain on promising February sales

American Lithium

11/03/2021 15:50

** U.S.-listed shares of Chinese electric-vehicle makers Li
Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng Inc  XPEV.N  rise
between 6% and 11%
    ** Sales of new energy vehicles (NEVs), including
battery-powered electric vehicles, plug-in petrol-electric
hybrids and hydrogen fuel-cell vehicles, increased 585% in
February to 110,000 units, compared with the same month a year
earlier, according to data from data from the China Association
of Automobile Manufacturers (CAAM)  urn:newsml:reuters.com:*:nL1N2L90B7
    ** EV makers stand to benefit from expanding manufacturing
capacities as the People's Republic of China looks to greener
vehicles to combat air pollution 
    ** CAAM expects vehicle sales to rise by about 4% in 2021,
but has warned that a shortage of certain auto chips may start
to hit production at some Chinese firms at the beginning of the
year
    ** Separately, Mizuho Securities initiates coverage on
electric car-maker Tesla Inc  TSLA.O  with "buy", saying the
co's business model is unlike any other
    ** TSLA is up 2.5% at $684.5 

 (Reporting by Eva Mathews in Bengaluru)
 ((eva.mathews@thomsonreuters.com))