3 Chinese Electric Vehicle Stocks That Beat Sales in Q3 By StockNews

3 Chinese Electric Vehicle Stocks That Beat Sales in Q3

Stock MarketsOct 10, 2021 12:30PM ET

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3 Chinese Electric Vehicle Stocks That Beat Sales in Q3

While the global chip shortage continues to impact Chinese EV companies, the industry has immense long-term growth potential. So, popular Chinese EV stocks NIO Inc. (NIO), XPeng Inc. (XPEV), and Li Auto Inc. (LI), which beat their third-quarter vehicle sales estimates, could be worth watching.Despite the semiconductor chip shortage severely affecting the electric vehicle (EV) industry, EV sales of Chinese companies have gotten a boost due to government subsidies and other preferential policies. In addition, the Chinese government would like 20% of new cars sold to be new energy vehicles by 2025.

Moreover, China’s Ministry of Industry and Information Technology indicated there could be sector consolidation. Tu Le, the founder of Beijing-based advisory firm Sino Auto Insights, said that he expects China’s top electric-car makers to benefit from efforts to consolidate the industry “since it’ll eliminate potential competitors and perhaps allow them to acquire a team or technology to enhance their products.”

As a result, famous Chinese EV makers NIO Inc. (NIO), XPeng Inc. (XPEV), and Li Auto Inc. (LI), which delivered higher-than-expected EV sales in the third quarter, could be solid additions to your watch list.

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