EV Giants - Tesla BYD Xiaomi Technical Analysis
As climate change continues to accelerate and its devastating impacts increase, we must act now to reduce our carbon emissions. Since the transport sector contributes to global emissions, transitioning to electric vehicles (EVs) may significantly aid countries in achieving their net-zero goals. While much attention is given to the consumer market, the role of commercial vehicles, and specifically large-scale fleets, is crucial.
The electric vehicle revolution is gaining momentum thanks to various factors such as cost reduction, technological advancements and government support.
TESLA
Over the past 18 months, Tesla has missed its sales goals and seen its share price fall, as Chief Executive Officer Elon Musk makes dramatic decisions about the company's future. Musk cut the price of Tesla cars, fired much of the team behind its Supercharger network, and hinted that Tesla will pursue a robotaxi to position itself as more of an AI company than an automaker.
Tesla daily chart
Let's look at the Tesla chart shown above, just a long boring consolidation phase for the share price for the month of June. The good news is Tesla share price is able to stay close and above all its short to mid term EMA line (10; 25; 50). The near term support will be around 160 USD. For me, I continue to be bullish for $Tesla Motors(TSLA)$
BYD
Since BYD stopped making gas-powered vehicles in 2022, the automaker has quickly become a leader in China's surging EV market. Although BYD is best known for its affordable EVs, it is quickly expanding into new popular segments like mid-size SUVs, luxury, and pickups.
BYD daily chart
For BYD, the share price broke out from its short term downtrend resistance line (drawn in Orange colour) earlier this week. Also, for this round, the share price seems to hold pretty well above its EMA200 trendline. Towards the end of the week, the stock pulled back healthily to retest the previous resistance which turned into a support now. With the improved EV sales in the China market, I am bullish for $BYD COMPANY(01211)$
XIAOMI
To meet delivery demands, Xiaomi's automotive factory plans to start double-shift production in June, with the monthly delivery volume expected to exceed 10,000 units. Assuming it achieves an annual production capacity of 100,000 units in 2024, Xiaomi will set a new delivery target of 120,000 units.
Xiaomi plans to complete the construction of 143 service centers in 86 cities and increase the number of retail stores to 219, covering 46 cities, by the end of 2024.
Xiaomi daily chart
Xiaomi has a stronger chart pattern if compared to Tesla and BYD. It is in an obvious uptrend since early March. This week, the rebound in Xiaomi share price hasn't taken place yet. Now, it is still at its dual support level, firstly by the EMA50 trendline, and secondly by the neckline support. Both of these supports remain close, at around 17.22 USD. In order to maintain its bullish pattern, $XIAOMI-W(01810)$
Do you prefer the older classic leader Tesla le new Chinese EV leaders like BYD or Xiaomi?
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Tesla (TSLA) Technical Analysis:
Tesla has experienced a consolidation phase in its share price over the past month. The stock has faced challenges in meeting its sales goals and has seen its share price decline. However, it is important to note that Tesla's CEO, Elon Musk, has made significant decisions regarding the company's future, such as reducing the price of Tesla cars and hinting at pursuing a robotaxi business.
According to the daily chart, Tesla's share price is currently in a consolidation phase. It is important to monitor the stock closely for any potential breakout or reversal. The stock is currently trading at around $177.48 (as of June 8th).
BYD (BYD) Technical Analysis:
BYD, a Chinese electric vehicle manufacturer, has shown a stronger chart pattern compared to Tesla. It has been in an uptrend since early March. However, the rebound in BYD's share price has not yet occurred this week. The stock is currently supported by the EMA50 trendline and the neckline support at around $17.22. To maintain its bullish pattern, BYD needs to rebound in the coming week.
Xiaomi (XIAOMI) Technical Analysis:
Xiaomi, another Chinese company, has also shown a stronger chart pattern compared to Tesla and BYD. It has been in an obvious uptrend since early March. Currently, the stock is supported by the EMA50 trendline and the neckline support at around $17.22. A rebound is expected in the coming week, which could support its bullish pattern.
Comparison and Preference:
When comparing Tesla, BYD, and Xiaomi, it is important to consider various factors such as their financial performance, growth prospects, and market conditions. Tesla, as a well-established leader in the electric vehicle industry, has faced challenges in meeting sales goals but continues to innovate and expand its product offerings. BYD and Xiaomi, on the other hand, are emerging Chinese EV leaders with strong chart patterns and growth potential.
Ultimately, the preference between these companies depends on individual investment goals, risk tolerance, and market analysis. It is recommended to conduct thorough research, analyze financial indicators, and consider expert opinions before making any investment decisions.
Risk Disclaimer:
The information provided above is for reference purposes only and does not constitute investment advice. Investing in stocks involves risks, including the potential loss of principal. It is important to conduct thorough research and analysis, consider individual financial circumstances, and consult with a professional financial advisor before making any investment decisions.
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