China EV Startup Takes on Tesla
Nio, China EV Maker Very Hot
Hot Global Stock
Shanghai based electric vehicle maker Nio wants to take on Tesla and be the "Tesla killer". It's share price on the NYSE has been soaring. It's up 1000% since it cratered in March at $3.00. It is now up to $26.50, Big Wall Street houses like Citi are calling it a buy. They've put a target price of $33.20 on it because of it's "very strong order backlog", its efforts to cut battery costs and its growing market share. Nio is back by two Chinese tech giants, Tencent and Baidu. The Nio EP9 sports car, shown above, is an example of Nio's fashionable, futuristic design in EVs.
Nio's Different Approach
Nio's business approach is innovative. It has heavily focused on creating a brand, including selling Nio hats and merchandise on line. It offers battery-swapping, mobile power vans and "Nio Houses" which are Nio showrooms that can also be used as "Clubhouses". Nio has upgraded its technology, including a smarter autopilot system. And, it is currently valued at $36 billion.
EV Information Center https://amazon.com/author/ekane
To take a look at journalist Edward Kane's latest book "The Elon Musk Factor", go to https://read.amazon.com/kp/embed?asin=B08KHCYGY9&preview=newtab&linkCode=kpe&ref_=cm_sw_r_kb_dp_SSDIFbX2K4NQ4 I co-authored the book with Ed.
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