Nio was another electric vehicle stock that caught the attention of the public in 2021. However, due to the scrutiny that it faces, this stock did not move much. It still has a lot of upside potential. It hit a high of $44.27 before dropping to $26.83. Despite the weak performance, it still has plenty of room to move. With solid fundamentals and impressive vehicle deliveries in the pipeline, Nio would reach a high of $44.27 again. With governments pushing for the widespread adoption of electric vehicles, this stock will continue to move higher. In 2022, the company will deliver three new models and its second factory will be operational. It also plans to expand its operations in other countries such as Germany, the Netherlands, and Sweden.
For the third quarter, the company’s revenues grew 116.6% to reach $1.52 billion. For the fourth quarter, it sees revenue rose about 42.4%. The total revenue of the global electric vehicle market reached almost $100 billion in 2019. China’s government is also pushing for the development of the industry by slashing the number of permits required for vehicle registrations. Nio is China’s answer to Tesla. Its steady growth, impeccable profitability, and numerous growth catalysts make it a great buy.