- 60 Minutes turned its attention to the Chinese electric vehicle market in a detailed segment.
- The news show highlighted the massive support from the Chinese government for the electric vehicle industry, including the significant rebates and license waivers that help to prop up demand.
- A lot of attention was paid to Nio (NYSE:NIO), even though the EV upstart only delivered about 10K vehicles last year. Nio's heavy focus on tech features and manufacturing innovation was profiled very favorably.
- The point was made that Nio, just like the other dozens of Chinese EV manufacturers competing for market share, needs to convince consumers that it makes high quality cars.
- Chinese automakers are also prepping to sell outside of their home turf. Nio is just one of about nine China-based automakers with operations on the West Coast of the U.S.
- Investors have been bidding up select Chinese auto names. In the last month, Nio is up 23% and Kandi Technologies is 73% higher.
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