NIO, Tesla's Biggest Contender and Competition in the EV industry

In the Electric Vehicle (EV) industry, there is one name in the mouth of many "Tesla", from the US, to Germany, Japan, Canada, France, Italy, Australia, and the company is making waves in China. China has been moving towards EV and so China has been purchasing a lot of electric vehicles, they were the highest purchasers of EV last year but then China will always have his own product and there is where NIO comes in.

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NIO is a Chinese electronic vehicle company which has been Tesla's biggest contender, although there are a lot of competing companies in China ranging from Byton, ARCFOX, BORDrIN. CHANGHE, GEELY, CHERY and many more startup EV companies.

Just like Tesla's Stock increased in 2020, NIO's stocks increased over 1000% and just like Tesla, they both have similar stories including near bankruptcy at the beginning of their company. The rise in stocks of NIO's stocks made it more valuable than General Motors.

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NIO has been seeing a rise in demand for its EV car as the demand for it is increasing in China. NIO meets the demand of the middle class earners in the country. It outsource its product to other companies such as JAC instead of building all its part by itself, it is also leasing battery to its subscribers instead of allowing them to buy the battery thereby cutting the cost to be paid for the battery.

With this, do you feel that NIO has a better chance to overtake Tesla in the EV market?