Three Beaten-Down EV Stocks to Buy Right Now
High valuations and geopolitical risks have resulted in some correction in stock prices this year. The Nasdaq Composite Index is still nearly 10% down year to date, even after recovering in the last few sessions.
Stocks of electric vehicle (EV) companies have also seen considerable correction, making them attractive. Here are three beaten-down EV stocks that look appealing right now.
Of the new EV companies, Nio (NYSE: NIO) looks particularly interesting. Founded in 2014, the Chinese EV maker has already delivered around 183,000 electric vehicles so far. In 2021, Nio delivered 91,429 vehicles, rising an impressive 109% year over year. The company's revenue for 2021 was $5.7 billion, up 122% from 2020. Nio generated gross margin of 18.9% for the year. Overall, Nio delivered a strong performance in 2021.
Source Fool.com
