Stocks

NIO to surpass Tesla (TSLA) in china

Louis Navellier, founder of Navellier, said the Chinese electric-car NIO maker will surpass Tesla (TSLA). “Another electric vehicle company will eventually displace Tesla as the biggest manufacturer of EVs in China,” he wrote in a commentary.

“I’m talking about NIO. The reality is that this company is on the verge of dominating the EV market in China and Hong Kong.”

Tesla recently traded at $687.47, up 2.3%, and has gained 9% in the past month.

As for NIO, “the company boasts that it is the ‘next-generation car company,’ as it designs and manufactures electric vehicles that utilize the latest technologies in connectivity, autonomous driving and artificial intelligence,” Navellier said.

NIO supplier JAC Group last month invited bids to build a NIO production line code-named “Gemini” that would produce 60,000 units a year. That sparked speculation that it would be a new entry-level NIO model.

Earlier this week, Citigroup also upgraded NIO target price to around $70, which added some upward pressure on NIO stock.