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Electric cars in China

China EV makers reap $12.5bn as Tesla sparks US market bonanza

Nio, Xpeng and Li seek cash to solidify footing ahead of market changes

The Nio EP9 electric sports car. China's EV market splits into a luxury sector targeting retail customers, where Nio, Xpeng and Li are focused, and a budget sector aimed at businesses. (Photo by Takashi Kawakami)

BEIJING -- Chinese automakers Nio, Xpeng Motors and Li Auto together have raised roughly $12.5 billion on the U.S. market in 2020, taking advantage of growing investor interest in electric cars sparked by the recent surge in Tesla's stock.

China's electric vehicle market is approaching a major crossroad, as a key government subsidy expires after 2022 and new players rush in for a piece of the pie. The three companies are eager to take funds raised in the U.S. to expand their sales networks and turn a profit to survive this shift.

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