Chinese electric car maker Nio Inc. now has a bigger market valuation than 112-year-old General Motors Inc., as investors bet on strong growth in electric vehicle adoption in the people’s republic over the next five years. Nio’s American Depositary Receipts have surged in recent weeks, following a spate of good news - including crossing a key sales milestone, a renewed push for electric cars in China and the increased possibility of Joe Biden winning the presidency. The stock has jumped nearly 28% this week alone.
The latest surge has driven Nio’s market value to $53.4 billion, according to Bloomberg data, while GM’s current capitalization stands at $51.6 billion.
Source : https://www.bloombergquint.com/business/nio-rides-electric-future-to-pass-general-motors-market-value
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