Is it a good chance to accumulate Tesla?
Europe is supposed to fully switch to electric vehicles in little over a decade but sales growth of the climate-friendly vehicles stalled in the first half of the year.Sales of battery EVs took 13.9 per cent of the market. Petrol vehicles remained the biggest segment with a market share of 35.2 per cent. Sales of diesel vehicles fell by 7.9 per cent. Sales of vehicles using fuel cells, natural gas, liquefied petroleum gas, super-ethanol and other fuels bounded 6.9 per cent higher. Let's look into the chart of a few EV makers.
TESLA
Tesla's move into the more profitable autonomous taxi platform business will be a catalyst for a roughly 10-fold increase in its share price, according to Ark Investment Management's Cathie Wood.
Tesla daily chart
Let's look at the Tesla chart shown above, following a disappointing earnings results, Tesla share price pullbacked significantly this week towards its EMA50 trendline support. Actually, it has a second level of defence at EMA200, which remains pretty close to EMA50 now. For me, as long as Tesla can stay firm above 200 USD, I remain my bullish view on Tesla $Tesla Motors(TSLA)$
BYD
Chinese electric vehicle giant BYD on Thursday outlined plans to aggressively expand its dealership network in Vietnam as it opens its first stores in the country this week, posing a formidable challenge to local rival VinFast.
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
On July 18, Lei Jun released a video today, announcing three new colors of the Xiaomi SU7 1:18 alloy car model, including: Olive Green, Lava Orange and Sunshine Purple, the expected selling price will remain the same as the first color. Xiaomi alloy car model was launched in March this year with the SU7 car. The alloy car model supports full opening and closing of four doors and two covers, the front wheel steering can be linked with the steering wheel, and it is equipped with soft rubber seats to show the color of the real car.
Xiaomi daily chart
After a massive rally since March 2024, Xiaomi experienced a bearish movement after May 2024. The pullback was beyond my prediction until it headed towards EMA200 trendline resistance recently. The good news is Xiaomi share price seems to find its short term bottom at around 15 HKD. A hard prediction for Xiaomi as the share price is moving inside its descending triangle pattern. As long as the share price doesn't breakout from its downtrend resistance line (drawn in ORANGE colour), I remain bearish 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, but please note that the information provided is for reference purposes only and does not constitute investment advice.
Based on the information you provided, Europe's plan to fully switch to electric vehicles in little over a decade indicates a growing market for EVs. However, it is important to consider various factors before making an investment decision.
Regarding Tesla, Cathie Wood from Ark Investment Management believes that Tesla's move into the autonomous taxi platform business could lead to a significant increase in its share price. Additionally, the chart analysis suggests that as long as Tesla remains above $200 USD and holds its EMA50 and EMA200 support levels, there is a bullish view for the stock in the mid to long term.
On the other hand, Xiaomi, a Chinese EV maker, has experienced a bearish movement after a rally since March 2024. The share price seems to have found short-term support around 15 HKD, but it is currently moving within a descending triangle pattern. As long as the share price does not break out from its downtrend resistance line, a bearish view for Xiaomi is maintained.
When comparing Tesla to Chinese EV leaders like BYD and Xiaomi, it is important to consider various factors such as financial performance, market share, technological advancements, and competitive landscape. Each company has its own strengths and weaknesses, and it is crucial to conduct thorough research and analysis before making an investment decision.
In conclusion, the decision to accumulate Tesla or invest in other EV leaders should be based on a comprehensive analysis of the companies' financials, growth prospects, and market conditions. It is recommended to consult with a financial advisor or conduct further research to make an informed investment decision.
Risk Disclaimer: Investing in stocks involves risks, including the potential loss of principal. The information provided is for educational purposes and should not be considered as investment advice.
Can be a tricky point now. I’d rather wait and seee
$Tesla Motors(TSLA)$ is still the EV lead anyways
Take your profits before it’s gone