Mid-Morning Market Update: Markets Edge Lower; Pfizer Coronavirus Vaccine Receives FDA Panel s Nod
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Mid-Day Market Update: Nasdaq Tumbles 100 Points; Sonoma Pharmaceuticals Shares Surge
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Electric Vehicle Startups Taking Advantage of Frothy Markets and Tesla’s Ascension
Posted on 12/11/2020
Analysts at Morgan Stanley think global EV sales will grow 50% or more next year, while sales of internal combustion engine vehicles are expected to grow 2% to 5%. Lucid Motors, Nikola Corporation, and NIO, are some electric vehicle car companies. The rapid stock price rise of Tesla Inc and its move into the S&P 500 is prompting many EV companies to issue shares and go public to take advantage of the investor demand. Chinese electric-vehicle maker NIO, which is listed in the U.S., is raising more capital, seeking to sell an additional 60 million American depository receipts, or ADRs. Tesla itself closed the books on US$ 5 billion equity issuance worth of shares. XPeng Inc. planned to sell 40 million ADRs. Li Auto Inc. plans to sell 47 million new ADRs.