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Shares of electric vehicle makers Nio and Nikola could be a better bet than Tesla, traders say

August 4, 2020

Via: CNBC

Two electric vehicle stocks are catching up to Tesla. Nio and Nikola shares have been speeding higher.

Both have kept up to Tesla’s more than 200% rally in 2020. Nikola surged another 22% on Monday after catching a buy rating from Deutsche Bank heading into its earnings after the bell Tuesday. Nio gained 14% on Monday after reporting a 322% increase in July deliveries.

Boris Schlossberg, managing director of FX strategy at BK Asset Management, said the electric vehicle group remains too speculative to make a solid bet. Still, he does see one name emerging as a true rival to Tesla’s dominance.

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