Futu News, January 20, Yellen, the nominated US Treasury Secretary, said at a previous confirmation hearing that Biden, who will be sworn in as president on Wednesday, hopes to create a "strong" electric car market. and ensure that workers have the skills to produce electric cars. Yellen also said that electric cars are a good way to solve the problem of climate change, it can create a lot of jobs for Americans, and Biden supports the resumption of incentives for electric vehicles.

New energy vehicle stocks are strong again. As of press time, Tesla, Inc. is up 1.23%, General Motors Co is up 1.51%, NIO Inc. is up 1.73%, XPeng Inc. is up 5.79%, ideal is up 5.08%.

In addition, Oppenheimer raised Tesla, Inc. 's target price from $486to $1036. Deutsche Bank raised its target price for Tesla, Inc. to $890 from $705.

According to relevant media reports, Hefei Public Resources Trading Center issued a tender notice on January 19, "General contract for the Construction of New Energy passenger car body parts Construction Project of Anhui Jianghuai Automobile Group Co., Ltd." The person in charge of the project confirmed: "this project is the second factory of NIO Inc. Automobile (NIO.US) in Jianghuai, and the current capacity is not enough." NIO Inc. declined to comment.

Deutsche Bank raised its target price for General Motors Co to $64 from $48. Microsoft Corp previously announced a $2 billion investment in General Motors Co's self-driving car company Cruise. General Motors Co bought Cruise in 2016 for an unknown amount. In the past few years, Cruise has received investments from Honda and Softbank Corp.. Softbank Corp. values Cruise at about $19 billion. Cruise's latest valuation is as high as $30 billion.