I am out of Cult temporarily, expecting a fall, TSLA never disappoints ! This is GTC at 299 sold today morning ! TSLA exactly behaves the technical curve, expected a fall after hitting 300, it happened after hours
• 60 Minutes turned its attention to the Chinese electric vehicle market in a detailed segment.
• The news show highlighted the massive support from the Chinese government for the electric vehicle industry, including the significant rebates and license waivers that help to prop up demand.
• A lot of attention was paid to Nio (NYSE:NIO), even though the EV upstart only delivered about 10K vehicles last year. Nio’s heavy focus on tech features and manufacturing innovation was profiled very favorably.
• The point was made that Nio, just like the other dozens of Chinese EV manufacturers competing for market share, needs to convince consumers that it makes high quality cars.
• Chinese automakers are also prepping to sell outside of their home turf. Nio is just one of about nine China-based automakers with operations on the West Coast of the U.S.
• Investors have been bidding up select Chinese auto names. In the last month, Nio is up 23% and Kandi Technologies is 73% higher.