China is currently heads and shoulders above the rest of the world in the field of Electric Vehicles- simply because it is also the biggest manufacturer of it. Here, the NIO stock is prepping itself up to give some extreme competition for the market leaders that have already been established through their international expansion plans. All this, simply because the country plans to go fully carbon neutral by 2060- as the government incentivizes the process through tax credits and subsidies.
How Does The SOLO Stock Fare Before the NIO Stock?
SOLO stocks, on the other hand, are presently at a developmental stage- and haven’t full burst onto the scene. Yet, since SOLO has quite a unique design for its EV, it could have an advantage over the NIO Stock. SOLO has recently manufactured three-wheeled single-seater vehicles- whereas NIO is still stubborn about the traditional EV design. On the other hand, the NIO stock enjoys unrestricted access to the lithium deposits that China has- something SOLO doesn’t have access to. This comes as SOLO might have the most cost-effective techniques amongst EVs, but NIO still trumps it.
Last year saw both NIO stock and ElectraMeccanica (SOLO) generating some returns which were quite significant. Although NIO stock had a gain of about 2,519%, SOLO had returns of 355.3%. When the last six-months were considered, NIO turned out to be on top with gains of 1,541.9%, while SOLO had returns of 723.1%. Yet, SOLO did manage to gain close to 224.2% over the last month- which surpassed the 97.7% gains that NIO had accrued over the same period.
On a final note, sure, we can say that SOLO has quite an unique design that is very impressive. But, the NIO stock is an experienced player in the field. SOLO might be trying to initiate a new foray into EVs, but NIO is already out there in the world- increasing their clientele.