POWERING THE FUTURE Chinese EV rivals line up to
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Posted On: 11/23/2020 10:29:04 AM
POWERING THE FUTURE
Chinese EV rivals line up to challenge Tesla on their home turf
PUBLISHED MON, NOV 23 20209:15 AM EST
Tim Mullaney
@TIMMULLANEY
KEY POINTS
Chinese Tesla rival Nio recently reported forecast-beating earnings results, while profits at recent IPO Xpeng also came in ahead of Wall Street analyst estimates.
China’s market may grow faster than the U.S., especially if a Biden administration does not restore EV credits, but Tesla is poised to succeed in China, where as much as 40% of its sales may soon be.
The stock market remains divided on whether the rapidly rising valuations of these new EV companies is far ahead of the business reality, even for a market is big as China.
GM said last week it is jacking up its spending on electric vehicles and EVs will be “core” to the company’s future.
Citron founder Andrew Left, known for some big short calls, recommended Nio shares, now worth $45 each, at $7 two years ago. Now he is short the name and says of the recent gains in multiple EV makers, "The fact is that retail investors take everything to be the next Tesla."
Chinese EV rivals line up to challenge Tesla on their home turf
PUBLISHED MON, NOV 23 20209:15 AM EST
Tim Mullaney
@TIMMULLANEY
KEY POINTS
Chinese Tesla rival Nio recently reported forecast-beating earnings results, while profits at recent IPO Xpeng also came in ahead of Wall Street analyst estimates.
China’s market may grow faster than the U.S., especially if a Biden administration does not restore EV credits, but Tesla is poised to succeed in China, where as much as 40% of its sales may soon be.
The stock market remains divided on whether the rapidly rising valuations of these new EV companies is far ahead of the business reality, even for a market is big as China.
GM said last week it is jacking up its spending on electric vehicles and EVs will be “core” to the company’s future.
Citron founder Andrew Left, known for some big short calls, recommended Nio shares, now worth $45 each, at $7 two years ago. Now he is short the name and says of the recent gains in multiple EV makers, "The fact is that retail investors take everything to be the next Tesla."
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