BEIJING — While investors watched dramatic surges in the stock prices of Chinese electric car makers like Nio and Xpeng, tens of thousands of companies jumped on the bandwagon as the industry grew, according to business database Qichacha.

A NIO Eve autonomous concept electric vehicle (EV) stands on display at the Beijing International Automotive Exhibition in Beijing, China, on Thursday, April 26, 2018. The Exhibition is a barometer of the state of the world’s biggest passenger-vehicle market. Photographer: Qilai Shen/Bloomberg

The number of new Chinese businesses related to “new energy vehicles” surged by 81,000 this year through mid-August, bringing the total to more than 321,000, Qichacha said in a report.

The growth this year comes after 78,600 businesses entered the industry in 2020, during the height of the coronavirus pandemic in China, the database showed.

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Source: cnbc.com