This story was originally published here.
For 2020, the global sales of electric vehicles (EVs) were up 105% year-over-year (YOY). More specifically, Chinese EV sales increased by 12% while European sales increased by 264%. In fact, China remains the largest EV market in the world, making up about 50% of total sales. Cashing in on that rising demand, Xpeng (NYSE:XPEV) has now gained a strong foothold in the industry. Since surpassing $70 in November, Xpeng stock has been relatively volatile and now trades at roughly $47 today.
According to Seeking Alpha, retail sales of passenger cars in China rose over 25% YOY and hit almost 2.2 million vehicles. That rise will certainly boost more EV sales, as the country cements itself as a hotspot of the industry. However, other countries are not far behind. EV stocks have enjoyed a terrific 2020 despite the pandemic and are poised for growth across the globe in the new year.
A strong competitor to both Nio (NYSE:NIO) and Tesla (NASDAQ:TSLA), Xpeng is definitely a long-term investment. The company has impressive delivery numbers and is making strong moves into the European market. So, let’s dig deeper into what XPEV is doing right… Story continues here.
Elon Musk’s Next Big Bet: S.A.V
He revolutionized online payment processing with PayPal…
He is revolutionizing space exploration with SpaceX…
He's revolutionizing the auto industry with Tesla…
And now Elon Musk is getting ready to unveil his next big project.
S.A.V. will change everything…. and make a lot of people rich.
It could even put up to an extra $30,000 in your pocket every year.
Managing Editor, Brownstone Research