Since 2020, NIO has received a total of CNY41.5B (USD4.68B) in equity / bond financing; Li Xiang has received a total of CNY20.7B (USD2B) in equity financing; XPeng has received approximately CNY30.4B (USD4.7B) equity financing. Tesla has received USD12.34B in equity financing. CITIC Securities believes that since 2020, the 4 companies have received a total of about USD23.72B in financing, which will greatly accelerate the rapid development of the autonomous driving/smart electric industry chain. (CITIC Securities report)