The cumulative share price of Tesla, an American electric vehicle manufacturer, has increased by approximately 370%, making it the world's most valuable automobile company. Its market value has exceeded the US$400 billion mark, which is approximately equivalent to 2 Toyotas, 9 GMs, and 14 GMs.

?A Ford, and Tesla's sales are only a drop in the bucket of these traditional auto giants.

Among the three Chinese emerging car-making companies listed on the U.S. stock market, Nio, Ideal, and Xpeng, who will become the Chinese version of Tesla?

20 billion cash reserves? Currently the highest sales volume, does NIO have the championship potential?

On August 31, NIO announced that it would expand the issuance scale announced on August 27 by 18% to 88.5 million American depositary shares (ADS), with each share corresponding to one Class A ordinary share of the company.

The total financing amount of this additional issuance is expected to exceed US$1.7 billion, making it the largest additional issuance in China's high-end smart electric vehicle industry.

NIO's second quarter financial report for 2020 shows that as of June 30, 2020, NIO's cash reserves totaled RMB 11.1675 billion.

On July 10, NIO China received a comprehensive credit of 10.4 billion from six major banks.

Subtracting the $325 million used to repurchase Weilai China shares from the $1.7 billion raised in this additional issuance, there is still $1.375 billion, or approximately RMB 9.7 billion.

That is to say, Weilai’s current cash reserves will exceed 20 billion yuan.

NIO not only has sufficient cash reserves, but its market performance is also better than expected.

The financial report shows that the company achieved revenue of 3.7189 billion yuan (approximately 526.4 million U.S. dollars) in the second quarter, which was higher than analysts’ estimates of 504 million U.S. dollars, a year-on-year increase of 146.5% and a month-on-month increase of 171.1%.

In the second quarter, the company's gross profit margin turned positive, from negative 33.4% in the same period last year to positive 8.4%, and its automobile gross profit margin turned from negative 24.1% in the same period last year to positive 9.7%; its operating loss was 1.16 billion yuan, a significant year-on-year increase.

64% narrower.

In the second quarter of 2020, the company delivered 10,331 vehicles, including 8,068 ES6 and 2,263 ES8 vehicles, compared with 3,553 vehicles delivered in the second quarter of 2019.

At the same time, Weilai estimates that its car delivery volume in the third quarter of 2020 will be 11,000-11,500 vehicles, a year-on-year increase of approximately 129.2% to 139.6%; at the same time, the company’s total revenue in the third quarter will be 4.0475 billion yuan (approximately

(approximately US$572.9 million) to RMB 4.2123 billion (approximately US$596.2 million), a year-on-year increase of approximately 120.4% to 129.3%.

The sales volume is quite different and the market value is almost the same. Is the ideal successor strong?

?Li Auto, which completed its listing on the US stock market after Weilai, also performed fiercely in the capital market.

On August 27, foreign media reported that as of the close of U.S. stocks on Wednesday local time, Li Auto’s share price soared 28.25% to close at US$23.38. The company’s market value reached nearly US$20 billion, both hitting new highs since its listing.

Li Auto released its first model in 2018 and began delivering vehicles to users at the end of 2019.

Ideal ONE? Cumulative sales of 12,182 units from January to July 2020.

If last year's deliveries are included, this car brought 13,193 sales to Ideal.

This number is currently similar to the sales performance of NIO's two cars in a quarter, but the market value of the two companies is almost the same: NIO has a market value of about US$24 billion, while Ideal also has a market value of US$20 billion.

However, unlike the pure electric and plug-in hybrid technical routes of NIO, Xpeng and even most domestic new energy vehicles, the ideal choice is the extended-range route, which relies on internal combustion engines to generate electricity and drive the vehicle with electricity.

This route currently solves the mileage anxiety problem of car owners very well. There are gas stations everywhere, so there is no need to worry.

However, with the increase in energy density of power batteries and the development of fast charging technology and battery swapping modes, the advantages of extended-range electric vehicles will gradually disappear.

And unlike Weilai and Xpeng, which have both launched their second products, Ideal’s product line currently only has one product, and no information about new cars has been released.

Like Weilai, Ideal is currently in the stage of burning money and losing money.

Data shows that from 2018 to 2019, Li Auto’s net losses were 1.53 billion yuan and 2.44 billion yuan respectively.

Since starting vehicle delivery, the company's revenue in the first quarter of 2020 was 850 million yuan and a net loss of 77.11 million yuan; in the second quarter, revenue was 1.9 billion yuan and a net loss was 75.2 million yuan.

With the most cash, the strongest shareholders, and the most complete products, will Xpeng be the winner?

Xpeng is the last of the three car companies to be listed on the US stock market.

According to the latest market news, Xpeng Motors’ U.S. stock IPO is priced at US$15/ADS, which is higher than the previously announced issuance range of US$11-13/ADS.

Calculated based on the issue price of US$15, excluding over-allotment rights, the financing amount of Xpeng Motors' IPO reached US$1.5 billion, and the issuance valuation was US$11.2 billion, both higher than the previous financing amount and NIO IPO.

The issuance valuation is the highest among the three new car-making forces during their IPOs.

Xpeng Motors has also become the IPO with the highest pricing valuation and the largest financing scale in the history of global new energy vehicle companies.