Competition heating up

$NIO Inc(NIO.US)$
$XPeng(XPEV.US)$
XPeng is looking to start deliveries of G9 SUV fitted with an advanced supercharger by 2H2022. BYD has the highest number of top-selling EVs in China, just reported its Nov new EVs soared 252.7% you to 90,121. BYD's Tang SUV is also already available in Norway, which coincidently is also the first international market that Nio entered.

Toyota Motors announced that it will invest $70b on all kinds of EVs 2022 and 2030, with half earmarked for electric EVs.

Chinese property developer Evergrande has defaulted on its debt payments, fueling fears of a potential property and financial crisis in China (Nio's largest market) that could stall the economy's growth.