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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.
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.