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The stocks of electric vehicles (EV) were among the major 2020 winners. While the valuations these firms have made from exuberance of investors tend to be challenged, they continue to march further.

Tesla (NASDAQ:TSLA) got a great deal of ads, so you could be startled by the significant surpass of Tesla’s shares in the past year by Chinese EV makers NIO (NYSE: NIO at https://www.webull.com/quote/nyse-nio). It is also worth questioning whether NIO is still a purchase for 2021.

Anticipation excitement

In recent years, the meteoric growth of Tesla was the focus of a vast number of titles and prompted speculative investors to search for “the next Tesla.” Just in early 2020, bankruptcy was an NIO company. But China’s drive to boost growth in the country’s electricity market led to a solid growth in its revenues, with investors accumulating.

Strong growth rate

While the share price itself is not growing as fast, the company of NIO is growing very rapidly. Compared with the previous year, deliveries of vehicles increased by 113% in 2020. In 2020, the company’s total cumulative vehicle deliveries amounted to almost 60 percent.

But in less than 44,000 vehicles, the volume of Tesla 2020 is still less than 1/10th. At the latest “NIO Day” presentation NIO is expanding its product portfolio to include a new luxury sedan. The ET7 is the first sedan from (NYSE: NIO).and is supplied with a new, larger battery pack of 150 kWh. Depending on the company, it will reach a maximum of approximately 621 miles. This is beyond the maximum range of Tesla Model S.

Opportunity to the market

EV sales in China exceeded 1 million in 2020, which is set to be extended by 2025 to 5 million. And according research company BloombergNEF, that number could reach 10 million by 2030, reaching 20 million by 2040.

However, competitive environment is also increasing. Tesla this little month delivered its first Model Y SUV in its Shanghai plant. Other Chinese electronics businesses also have a 3 digit increase in revenue, soNIO (NYSE: NIO). is by no means the country’s leader. BYD (OTC:BYDDY) Warren Buffet-backed sold nearly 131,000 battery-electric (BEVs) vehicles in the year 2020 and more than 460,000 in all.

In the coming years, clearly there is more room for an exponential sales growth for vehicles and the company plans to have a major role in NIO’s introduction ET7. NIO also innovates with battery swap, which allows customers to ‘charge’ through a faster exchange of batteries. The company says it takes just 3 minutes for its automated battery swap stations to replace the battery fully. You can check other stocks like NYSE: AMC at https://www.webull.com/quote/nyse-amc.