Hyperdrive

Why the Tesla-Like Surge in China EV Stocks May Be Over for Good

  • U.S.-listed upstarts have fallen from highs, following Tesla
  • Path to success for NIO, Xpeng, Li Auto is long and difficult
An attendee sits inside the NIO Inc. ES6 SUV on display at the Auto Shanghai 2019.Photographer: Qilai Shen/Bloomberg
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A meteoric rise in China’s U.S.-listed electric-vehicle stocks that disrupted market-value rankings and left some industry observers scratching their heads is showing signs of fizzling.