#2 - Nio (NYSE:NIO)
If you haven’t written off Chinese stocks, you may want to consider Nio (NYSE: NIO), another Reddit stock. Not too long ago, Nio was a penny stock and the electric car maker appeared destined for bankruptcy. The company received a lifeline from the Chinese government and they’ve made the most of it.
As of this writing, Nio has six EV models on the market and the company has forecasted five additional models coming in 2023. Nio already has addressed one of the key pain points for consumers (while lowering the costs of its EVs) with its battery-as-a-service (BaaS) program. This allows it to capture a significant percentage of the Chinese market, primarily in the premium segment.
Despite the COVID-19 lockdowns in China, Nio continues to deliver vehicles and has expanded into Norway. For now, that’s the extent of the company’s expansion, but Nio may eventually have at least some exposure to North America.
The real growth in NIO stock (as with the EV market in general) may still be several years away, but the stock looks attractive for patient investors.
About NIO
NIO Inc designs, manufactures, and sells electric vehicles in the People's Republic of China. The company is also involved in the manufacture of e-powertrain, battery packs, and components; and racing management, technology development, and sales and after-sales management activities. In addition, it offers power solutions for battery charging needs; and other value-added services.
Read More - Current Price
- $5.27
- Consensus Rating
- Reduce
- Ratings Breakdown
- 1 Buy Ratings, 8 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $8.43 (60.0% Upside)
