Electric automaker Nio (NIO), the Tesla (TSLA) competitor, may be coming to a dealership near you in America. This move would be highly beneficial to Nio and may very well overtake electric vehicle maker Tesla in market share.
NIO is one of the hottest electric vehicle stocks traded on U.S. exchanges, but one downfall is that it doesn’t sell any vehicles in the United States.
An entry into the market by the electric Chinese producer would be a game changer for the entire U.S. car business. Fortunately for the U.S. companies now in the business, the prospect looks to be a long way down the road.
Tesla China sales drop
Sales of Chinese electric vehicles soared to as much as 158,000 compared to 3 years ago, but has dropped 23% month over month yet Tesla stock rose.
However, Chinese competitors are closing the gap according to competitor monthly deliveries. This proves that Tesla is likely to see competition grow in the Chinese to U.S. market. Retail sales of all passenger cars in China rose 26% or 2.16 million vehicles.
According to CPCA, they see the whole industry growing 7% in 2021 but could see pressure in second half of 2021 due to chip shortages
