NIO Goes Parabolic, Plots Tesla Flanking
"Chinese electric car maker NIO hit all-time intraday highs on Monday after doubling its deliveries in October to a new monthly record. NIO delivered 5,055 vehicles in October, an increase of 100% year-over-year. In 2020 deliveries jumped to 31,430 vehicles, a 111.4% spike compared to last year", reports Yahoo Finance. Tesla's main competitor may come from China, not from Detroit companies like Ford and Chrysler.
That is a parabolic curve which means NIO is doing amazingly great in the public market. The EV race is heating up as Nwite notes.
Uploaded files:In 2019, leading EV manufacturer, Tesla, unveiled its Shanghai China plant, with a 250,000 production target in the South Asian country. China has become a huge market for New Energy Vehicle (NEV), and the American company is poised to take advantage of it.
In 2018, 1.3 million NEV were sold in China, coupled with Chinese government’s incentives, it opened ways for further interest. The Chinese government introduced a purchase tax exemption to encourage consumers to embrace EVs coming from plants in China.
