FAST FIVE: Shares Of China-Based Tesla Competitor Li Auto Surge In Nasdaq Trading Debut
Shares Of China-Based Tesla Competitor Li Auto Surge In Nasdaq Trading Debut Tyler Durden Sat, 08/01/2020 – 16:35 Make no mistake about it, there has been non-stop hype in EV stocks for the better part of the last several years.
And new Chinese startup Li Auto just saw major success upon listing its shares on the NASDAQ, proving that: a) the EV hype is still alive and b) US investors have learned precisely nothing from watching one China-based fraud implode after another. Li Auto is backed by TikTok owner Bytedance and ecommerce company Meituan Dianping. Li Auto's SUV The company's shares popped 43% on its first day of trading on the Nasdaq last Thursday, before pulling back 3% on Friday.
You have to ask; are we even comparing apples to apples when we compare Tesla to these other Chinese automakers?” he added.
The company – as we noted in our above linked article – faces significant competition from a growing field of EV names coming out of China.
As long as those in the pecking order (exchanges, auditors, institutions) are making money on the listing, the only “safeguard” left becomes individual investors and the SEC – both of which are useless.