To The Moon

🌟🌟🌟It has been a tough week for EV stocks as their share prices slide downwards. The worst performing stock is $Faraday Future Intelligent Electric Inc.(FFIE)$ as it lost a massive 40% in market value. Faraday Future has issued its first recall due to an airbag malfunction causing a warning light failure. It has to recall all 11 of its FF91 vehicles to rectify the fault. Faraday Future also owes its landlord Rexford Industrial rental payment after missing 2 months' of rent. Faraday is at risk of being delisted by Nasdaq for failure to maintain a minimum price of at least USD 1 per share for 30 consecutive trading days. It is burning cash at an alarming rate with little revenue to show for it. Faraday Future desperately needs more cash injection to continue operation and has to reduce salaries or cut down staff on order to stay afloat. Faraday Future's share price has dropped a huge 83% year todate and 99% in 2023. At the last closing price of 10 cents per share, it is very cheap to buy but there are not many takers. $Tesla Motors(TSLA)$ had a tough Q1 24 with its share price plunging 29% for the 1st 3 months. This is the worst quarter for the stock since the end of 2022. One of the main reasons is the stiff competition from Chinese EV companies which are introducing new models that cost less than Tesla's popular Model Y SUV and Model 3 sedan. $BYD COMPANY(01211)$ took over Tesla as the world's top EV maker in December 2023. In Q1 24, BYD kept up the pressure by launching its Qin Plus EV at a starting price of USD 15,200, followed by BYD Seagull, a small all electric hatchback with a starting price below USD 10,000. $XIAOMI-W(01810)$ has just launched its first EV - The SU7 on March 28 in Beijing. It is cheaper than Tesla's Model 3 and has more features. It has received an impressive 50,000 orders within the first 27 minutes of the launch. Xiaomi 's US ADR stock XIACY has jumped 12% on Thursday on news of its successful launch. $XPeng Inc.(XPEV)$ has dropped 13% this week. Bernstein lowered its Target Price of XPeng to USD 12 from USD 17. Bernstein noted that XPeng 's Q423 earnings saw a remarkable vehicle margin turnaround and losses narrowed. However Bernstein believes that volumes and margin will remain challenged despite strategies in place. Alibaba has sold 33 million XPeng' s shares recently at USD 9.60 per share to raise USD 316.8 million. This has also caused XPeng 's share price to drop too. The competition is intense for the EV companies and only the best can survive and thrive. I still like Tesla as it is more than just an EV manufacturer. It has a clean energy division that develops, manufactures, sells and install photovoltaic solar energy generation systems, battery energy storage products. Tesla is also receiving revenues from its superchargers. It is forecasted that Tesla could generate USD 6 billion to USD 12 billion on annual charging revenue by 2030 by opening US charging stations to drivers of Ford and other EVs. Tesla has progressed further in its development with Its Optimus Bot which can pick an egg and even do yoga stretches. The official X account describes the bot as capable of performing tasks that are unsafe, repetitive or boring. This will be a game changer once Optimus Bot is ready for production. Tesla is also developing a low cost EV model code named Model 2 which will be ready in 2025. That is why Tesla is my Top Pick for EV stock to buy and hold long term. Wall Street Analysts are bullish on Tesla with a Buy rating, an average Target price of USD 207.74, an upside potential of 18% according to Tipranks. At the last closing price of USD 175.79, Tesla offers great value for money. It's time to go bargainhunting. As Warren Buffett likes to say Buy Wonderful Companies at Fair Price and his favourite holding period is forever. @Daily_Discussion @TigerStars @MillionaireTiger @Tiger_comments @CaptainTiger @TigerClub @Tiger_SG