Wall Street Forecasts These 3 Chinese Electric Vehicle Stocks Will Rally by 25% or More By StockNews
© Reuters. Wall Street Forecasts These 3 Chinese Electric Vehicle Stocks Will Rally by 25% or More
The Chinese EV industry is experiencing rapid growth driven by supportive government policies and growing demand for EVs amid rising sustainability concerns worldwide. Consequently, Wall Street analysts expect Chinese electric vehicle stocks NIO Inc. (NIO), Li Auto (LI), and Niu Technologies (NASDAQ:) to rally by 25% or more in price in the near term. Read on.The electric vehicles (EV) market is expanding, fueled by robust demand for clean energy automobiles amid emission reduction initiatives worldwide. China is one of the fastest-growing EV markets, representing 44% of the world’s EVs. The Chinese government has been instrumental in boosting the nation’s EV production and sales. In addition to providing subsidies to encourage the adoption of EVs, the government has mandated that a certain percent of all vehicles sold by car manufacturers each year be battery powered. The government’s goal is to have 40% of all car sales in China be EVs by 2030.
The Chinese EV market is witnessing rapid development, with several new companies venturing into this space. Analysts expect the Chinese EV market to register a 31% CAGR between 2021 – 2026.
Given this backdrop, Wall Street analysts expect fundamentally sound Chinese EV stocks NIO Inc. (NIO), Li Auto Inc. (LI), and Niu Technologies (NIU) to rally by 25% or more in the near term.
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