Following a successful NIO Day event, with the launch of its ET7 Sedan and its stock subsequently reaching an all-time high, there are questions as to NIO’s role in taking on electric vehicle (EV) tech giant Tesla (TSLA) in China, the former’s home market.
On Monday, Wedbush analyst Daniel Ives was featured on TD Ameritrade’s YouTube channel discussing the differences between Tesla and NIO. When asked who was ahead in the Chinese EV market, considered the world’s largest and most important auto market, Ives said, “Right now it’s Tesla’s world and everyone else is paying rent.”
While Ives acknowledged Tesla’s current dominating presence in China and around the world, he also says the “EV ocean is big enough for one boat,” specifically citing companies like NIO and Xpeng Motors – both of which are expected to be significant competitors to Tesla in the years to come.
Ives believes the EV market could soon be a trillion dollar industry, signifying that there’s plenty of room for other EV makers to survive through the world’s transition from gas cars. And so long as smaller, newer companies like NIO and Xpeng can do that, they may even outlast legacy makers that have yet to release a significant number of EVs to the public.
You can watch the nearly 10-minute interview below:
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