Shares of Chinese electric-vehicle makers and suppliers fell after a worse-than-expected quarterly loss for NIO Inc., the country’s answer to Tesla Inc., exacerbated concerns that a bubble in the world’s largest EV market may be bursting.
The Chinese electric-vehicle maker has failed to assuage fears that it’s running short on cash. The company is aggressively expanding its sales efforts and taking comprehensive measures to reduce costs, Chief Executive William Li said on an earnings call.“If a company’s liquidity is measured in weeks, it is definitely very dangerous,” Robin Zhu, an analyst at Sanford C. Bernstein, said by phone. NIO may need to seek government support, which will be difficult to get, he said.
More broadly, the automaker’s struggles lend credence to mounting concerns that China’s state-sponsored support of the industry inflated a bubble that’s poised to pop. The nation’s sales of EVs and “new-energy” vehicles fell for a second straight month in August as the government scaled back subsidies. China accounts for half of the world’s EV sales.
China’s big, but it’s not that big. Annual sales of passenger EVs only surpassed 1 million units for the first time last year, according to BNEF, spurred by the subsidies that could slice thousands of dollars off the sticker price. Yet EV sales make up just 4% of overall passenger vehicle sales of 23.7 million units, according to the China Assn. of Automobile Manufacturers.
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