NIO
To buy a single share in Tesla would set an investor back over $1,700, based on today’s market price, signaling the company’s hold on the growing electronic vehicle market, which is gathering momentum.
Fortunately, there are other electronic vehicle manufacturers and, of them, Chinese company NIO is attracting a huge amount of interest. In fact, analysts Piper Sandler recently called it the ‘Tesla of China’. While it can be easy to get carried away about companies in new areas of tech, NIO is already growing and is well located to capitalize on China’s growing interest in electric vehicles. NIO has a healthy balance sheet and is experiencing strong demand for its vehicles, reporting a surge in deliveries in the second quarter to 10,331 (nearly triple the same quarter in 2019).
NIO is anticipating further growth and registered a US ADR in 2019 to raise more capital. This year, its US dollar share price rallied from $3.71 on 2 January to $13.63 on 17 August. NIO hasn’t (yet) stated an intention to do battle with Tesla in its key markets, but the Chinese firm is extremely well-placed in its homeland for future growth.