BYDDY - 1 EV Stock to Buy Hand Over Fist Right Now (Hint: It's Not Tesla or Rivian)
2023-09-29 05:38:00 ET
The electric vehicle (EV) market is jam-packed with competitors ranging from younger entrants such as Tesla , Rivian , or Polestar to legacy automakers like Ford looking in new directions. One of the biggest end markets for EVs is China. And while Nio may be one of the most recognizable names among Chinese EV manufacturers, investors may want to learn about one of its peers: BYD (OTC: BYDDY) .
BYD recently published its financial results for the first half of 2023, and the company did not disappoint. Still, there are a number of factors that investors should analyze before making an investment in this EV company. In addition to the fiercely competitive landscape, the state of the Chinese economy will be another key variable in the equation whose solution answers the question of whether BYD represents a good buy right now.
When it comes to economic matters, it's easy for investors to become fixated on their own country and its specific challenges. In the United States, the Federal Reserve has engaged in a series of meaningful interest rate hikes in its effort to fight inflation, which surged to a peak above 9% last year. While the now-higher cost of borrowing has impacted areas such as home affordability, inflation has cooled to below 4%, and the Fed remains steadfast about bringing it back down to a target rate of around 2%.
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1 EV Stock to Buy Hand Over Fist Right Now (Hint: It's Not Tesla or Rivian)