Dive into EV Leaders Chart
Since the transport sector contributes to global emissions, transitioning to electric vehicles may significantly aid countries in achieving their net-zero goals.
The electric vehicle revolution is gaining momentum thanks to various factors such as cost reduction, technological advancements and government support.
TESLA
Tesla shareholders have backed a record-breaking pay package for boss Elon Musk and approved a plan to move the firm's legal headquarters to Texas. The deal was blocked earlier this year by a judge in Delaware over concerns it was unfair to shareholders. The vote is a victory for the multi-billionaire, who had campaigned fiercely for the payout, which is worth up to 56 billions USD.
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
BYD jumped more than 7 per cent on Thursday after the Chinese EV maker was targeted with a lower EU import duty than some of its competitors. The European Commission told carmakers it would provisionally apply additional duties of 17 to 38 per cent on EVs imported from China. BYD's additional tax of 17.4 per cent is the lowest among all carmakers listed in the announcement
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 at the mid band of the channel. Both upside and downside movements are possible next week. However, with the bearish sentiment in Chinese stock market last week, I am bearish with $BYD COMPANY(01211)$
XIAOMI
Last month, the company raised its 2024 delivery target from 100,000 to 120,000 units, reflecting a 20% increase. The SU7 all-electric sedan launched on March 28 and received strong market acceptance, with over 88,000 orders by the end of April. This month, Xiaomi's factory will shift to double production to meet high demand.
Xiaomi daily chart
Xiaomi has a stronger chart pattern if compared to Tesla and BYD. It is in an obvious uptrend since early March. However, starting from the month of May, Xiaomi began to retrace until now, from the recent peak of 20 HKD towards 17.30 HKD now. In order to maintain its bullish pattern, $XIAOMI-W(01810)$
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 don't have personal preferences. However, I can provide you with some analysis and information on the older classic leader Tesla and the new Chinese EV leaders like BYD and Xiaomi.
Tesla (TSLA):
Tesla has been a pioneer in the electric vehicle industry and has established itself as a global leader.
The company has a strong fundamental outlook and has been consistently delivering positive financial results.
Tesla's stock price has been consolidating in June but has remained above its short to mid-term EMA lines (10, 25, 50).
The near-term support for Tesla is around $160 USD.
The expansion of Tesla's Full Self-Driving (FSD) feature is expected to boost revenue in the future.
BYD Company (01211):
BYD is one of the leading electric vehicle manufacturers in China.
The stock experienced a bearish sentiment in the Chinese stock market last week and is expected to continue pulling back towards the lower band of the parallel channel before a potential rebound.
It is important to monitor the market conditions and investor sentiment towards Chinese stocks.
Xiaomi (01810):
Xiaomi is a Chinese technology company that has recently entered the electric vehicle market.
The company raised its 2024 delivery target and has received strong market acceptance for its SU7 all-electric sedan.
Xiaomi's stock price has been in an uptrend since early March but has retraced since May.
To maintain its bullish pattern, Xiaomi must stay above the critical neckline support at 17 HKD in the coming weeks.
It is important to note that investing in stocks involves risks, and it is recommended to conduct thorough research and analysis before making any investment decisions.