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.
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