The US stock exchanges made a poor start to the new trading year on Monday. The broad S&P 500 index, of which Tesla has been a member since mid-December, lost around 1.5 percent after a record high at the end of December. Observers blamed rising coronavirus infections and new uncertainty about the change of president in the USA. One group, however, showed itself in the weak environment: manufacturers of electric cars, which, led by Tesla, had reported good sales figures for the past year.
Tesla is worth seven times as much as VW
The shares of Tesla itself, which had already finished 2020 with a new closing record, rose to 744.49 dollars on Monday and closed at the new high of 729.77 dollars, 3.4 percent up. The market capitalization of all Tesla shares together is now a good 690 billion dollars, almost seven times as much as the German Volkswagen Group.
The Tesla surge in the generally declining market is likely to be related to the production and delivery numbers reported over the weekend for the fourth quarter and full year 2020. Deliveries were slightly below the target of 500,000 electric cars for the whole year, and production was noticeably higher. Both were recently considered likely, but were still above the average expectations of analysts from large stock exchange companies.
But Tesla wasn’t the only electric car manufacturer that was asked for good numbers on the stock exchanges on Monday, Marketwatch reports. The Chinese competitor Nio reported 43,728 deliveries for 2020, 113 percent more than a year ago. The price increased by almost ten percent to $ 53.51 by the end of trading. According to the company, its offer for the quick exchange of empty for full batteries is in great demand. Tesla briefly pursued a similar system, but then gave up in favor of faster superchargers.
More electric car startups in demand
The startup Xpeng also comes from China. In December 2020 it delivered 6,126 electric cars, around 1,500 more than in November and 326 percent more than in December 2019. The company has started delivering its G3 electric SUV and plans to explore other European markets, including for its P7 sedan. which is strongly reminiscent of the Tesla Model 3. The share gained just under 3 percent on Monday. Finally, Li Auto even gained 12.5 percent. The Chinese company had previously reported that it had delivered 32,624 of its Li One electric car, which was launched at the end of 2019.