Nio – a Tesla Rival – Up 240% in 2020 | Financial Buzz

Nio – a Tesla Rival – Up 240% in 2020

Nio (NYSE: NIO), Tesla’s Chinese rival, shares have shot up 240% this year. However the stock has fallen approximately 80% in comparison to last year. 

After going public on the New York Stock Exchange two years ago, the company has faced several rough patches, as various executives and one of the founders left. Amid the coronavirus, the company commenced funding talks with the chinese government that led to USD1 Billion from investors and state-backed entities. Additionally, it was able to deliver a record number of 3,740 vehicles in June, exceeding 10,000 for the second quarter. 

“We hope in the second half of next year we can begin making some preliminary attempts in some countries that are more welcome to electric vehicles,” William Li, founder and chairman of Nio, told reporters on Thursday according to CNBC translation.

“We hope to begin with Europe,” Li continued. Though he did not specify which countries, he stated that the company is ready to enter major global markets by 2023 and 2024. However, Nio is still nowhere near Tesla’s level. 

In its second quarter, Tesla managed to dispatch over 90,000 vehicles globally. Tesla’s stock has skyrocketed more than 378% throughout the year and surpassed USD2,000 a share on Thursday. Elon Musk also strived to expand Tesla to Europe after having done so in China and establishing a new factory in Shanghai. 

Due to layoffs, the company now has about 200 people still working in its U.S. office compared to the 600 it originally employed according to Li.