Ignore NIO, These 3 Stocks Are Better Buys Right Now

It’s been an amazing year for electric-vehicle stocks, as a new generation of start-ups has joined Tesla in capturing the imagination of investors.

Chinese electric car company NIO (NYSE:NIO) has led the way, with its shares up more than 1,000% for the year as investors bet on disruption as the automotive industry goes electric.

NIO is an exciting company, but it’s fair to say a lot of that enthusiasm is already priced into the shares. NIO currently trade at about 20 times expected sales over the next 12 months.

Given that valuation, it might be best to focus attention on other options right now. Here’s why we think Li Auto (NASDAQ:LI), General Motors (NYSE:GM), and Hyliion Holdings (NYSE:HYLN) are better buys today.

Illustration of a vehicle driving over currency.

Image source: Getty Images.

Li Auto Is Carving Out a Profitable Niche

Lou Whiteman (Li Auto): Li Auto

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Foreign Auto Industry Outlook: Multiple Headwinds Prevail

Companies in the Zacks Automotive – Foreign industry are involved in designing, engineering, manufacturing, distributing, and selling vehicles, components as well as production systems. Some of these companies are also engaged in research and development of electric and autonomous vehicles, fuel efficiency, along with low-emission technology.

Let’s take a look at the three major industry themes:

 

  • The foreign automotive industry, being consumer cyclical, is dependent on business cycle and economic conditions. The industry is in disarray amid weak vehicle demand and falling consumer confidence due to coronavirus woes. Sluggish demand in the world’s biggest auto market, China, has been hcarmakers in doing brisk business in the country. Indeed, auto sales in China have witnessed a rebound in April and May. However, amid the prevailing macro-economic conditions, vehicle sales in China are expected to fall 10% year over year in 2020. As it is, the nation’s EV sales have taken a
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