5 Chinese EV Stocks to Consider Right Now
The electric vehicle (EV) market is witnessing phenomenal growth. The number of electric cars in use globally rose 43% in 2020 to above 10 million. What's more, with 4.5 million electric cars, China has the highest number of EV cars in the world. Undeniably, the growth potential of electric vehicles cannot be overemphasized.
With low-cost, quality manufacturing potential, as well as a huge domestic market, Chinese EV makers look set for long-term growth. Here are five Chinese EV stocks to consider buying right now.
Founded in 2014, NIO (NYSE: NIO) started commercial deliveries in June 2018. NIO delivered 21,896 vehicles in Q2 2021, an increase of 112% year over year. NIO is building a new plant in Hefei, China. The company currently only sells vehicles in China, but it plans to expand to international markets. NIO is growing its revenue impressively and its net income is trending in the right direction.
Source Fool.com
