Jan 4 (Lagos) - Happy New Year once again to our members and what a way to start the new year for the electric vehicle companies.
Tesla reported that they sold 180,750 vehicles in the third quarter of 2020. Once again that is the highest number of cars ever sold in a quarter by the biggest EV company in the world. Founder and CEO aimed to sell 500,000 vehicles in all of 2020 and the company only missed that target by 500 vehicles.
Tesla's enterprise value hit a new all time high on Dec 31 before its shares retreated a bit to close the year at $ 705.67 valuing the company at $668 billion.
China based EV manufacturer NIO INC also reported its sales numbers over the weekend and they blew away all analyst expectations. Sales hit an all time monthly record of 7007 vehicles in December which is an increase of 32% from what they managed in November 2020. That kind of month on month growth is the reason for the company's stock rising more than 2000% in a single year and that is after a sell off in the share price last month. For the full year NIO sold 43,728 vehicles, an increase of 112% over 2019 sales.
The kind of growth NIO is showing in its 6th year is comparable to what Tesla showed after 11 years but hindsight is 20/20 and Tesla paved the way for other EV companies.
However NIO as a company is impressing analysts because of their own innovations such as the Battery as a Service (Baas) wherein a vehicle owner goes to a battery changing service and changes the car's battery in less than 5 minutes rather than going to a charging station and spending much more time to charge the car. BaaS model also allows buyers to buy the car without the battery which is the most expensive part of an electric vehicle.
Companies like NIO and TESLA (and others) are changing the world by shifting people away from polluting vehicles to pollution free vehicles and that is the kind of change world leaders want to see happen. Especially in China, they want 20% of all vehicles to be electric by 2025 that is not too far out only four years away.
Tesla also recently got approval to enter the India market while NIO is entering the European market so both these companies have global expansion plans.
USA is also expected to join the race for the EV revolution as the President elect Joe Biden has already spoken about the need for reducing pollution and saving climate. There are a number of electric companies in USA besides Tesla which are entering the market very soon. Even traditional auto makers such as Ford and GM are investing huge amounts of capital towards going electric.
So as we get ready to start the first trading day of 2021, lets not forget what made 2020 the year that it was and the opportunity in front of electric vehicle companies all over the world.
Here is a list of some electric vehicle companies besides the ones mentioned in this article along with country where they are based.
Rivian - Russia
Fisker - USA
XPENG - China
Workhorse Group - USA
Li Autos - China
Lordstown Motors - USA
BYD - China
Lucid Motors - USA
BYTON - China
Electrameccanica - Canada
GWM - China
Arcimoto - USA
Nikola - USA
Arrival - UK
Do your research on these stocks and who knows you might be the one laughing to the Bank if you pick the right Company.
reporting for easykobo.com on Monday, Jan 4 2021 from Lagos, Nigeria