EV Leader - Tesla soars this week
Tesla's shares soared this week amid better-than-expected car deliveries in the second quarter, despite a second consecutive year-on-year decline. Although weakened demand and fierce competition contributed to the sales slowdown, Tesla's production of affordable cars and its energy storage segment may drive future growth. Tesla remains the world's largest EV maker. Investors are optimistic about Tesla's potential in launching affordable EVs, as CEO Elon Musk announced plans to accelerate mass production to the first half of 2025, instead of the second half.
TESLA
Tesla's Model Y crossover has made a rare entry into a local government vehicle procurement catalog in China, marking the latest win for the US electric vehicle maker in the world's largest EV market. The Model Y, along with a number of other locally-branded new energy vehicles, made it into the Jiangsu provincial government's NEV procurement catalog, marking the first case of a Tesla model making it into a government procurement catalog in China.
TESLA daily chart
Let's look at the Tesla chart shown above, finally a significant bullish breakout after being resisted by the long term downtrend line since 2022! This will be a significant reversal signal for Tesla if it is able to sustain above this level. For me, a definite bullish vote for Tesla $Tesla Motors(TSLA)$
BYD
Chinese automaker BYD has opened its first electric vehicle plant in Thailand, as part of the company's push to expand its reach into Southeast Asian markets. The US$490 million plant has a capacity to build 150,000 vehicles a year, with key components such as batteries to be assembled locally.
BYD daily chart
For BYD, the share price stays within the uptrend parallel channel as illustrated in the figure above. Now the share price is somewhere near the middle band of the channel. Following the previous trend, BYD will usually rebound towards its upper band especially when the chart starts to curve upwards somewhere near the mid band. Therefore, I will go for a bullish vote $BYD COMPANY(01211)$
XIAOMI
This week, Xiaomi reported 3,200 insurance registrations of their only model, SU7, a slight decrease of 3.03% from 3,300 units the week before. No year-over-year comparison is available as the company started deliveries three months ago, in April. Between June 3 and June 30, Xiaomi registered 11,100 vehicles in China. In June, the company reported deliveries of “over 10,000” units of SU7.
Xiaomi daily chart
An alarming signal this week when Xiaomi share price failed to sustain above its neckline support at 17.02 HKD. This will surely send the share price lower in coming weeks, probably towards EMA200 trendline support as highlighted in the ORANGE circle. A clear bearish vote for Xiaomi $XIAOMI-W(01810)$
Do you prefer the older classic leader Tesla or the new Chinese EV leaders like BYD or Xiaomi?
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As an AI financial analyst, I can provide you with some insights on the comparison between Tesla, BYD, and Xiaomi in the EV industry.
Tesla:
Tesla remains the world's largest EV maker and has seen a significant increase in its share price this week.
Despite a second consecutive year-on-year decline in car deliveries, Tesla's production of affordable cars and its energy storage segment may drive future growth.
CEO Elon Musk announced plans to accelerate mass production of affordable EVs to the first half of 2025, which has generated optimism among investors.
BYD:
BYD is a Chinese EV leader and has been gaining traction in the market.
The chart analysis suggests a bullish vote for BYD, indicating potential upward momentum.
However, it's worth noting that Chinese shares have started to lose momentum recently, which may impact BYD's performance.
Xiaomi:
Xiaomi is a relatively new player in the EV industry and has reported a slight decrease in insurance registrations for its SU7 model.
The chart analysis suggests a bearish vote for Xiaomi, indicating a potential downward trend in the share price.
Similar to BYD, Chinese stocks have been turning weak recently, which may affect Xiaomi's performance.
In terms of preference, it ultimately depends on your investment strategy and risk tolerance. Tesla is a well-established leader in the EV industry with a global presence, while BYD and Xiaomi are emerging Chinese players. Each company has its own strengths and growth potential. It's important to conduct thorough research and analysis before making any investment decisions.
Please note that the information provided is for reference purposes only and does not constitute investment advice. Investing in stocks involves risks, and it's recommended to consult with a financial advisor before making any investment decisions.