Chinese electric vehicle maker Nio (NYSE:NIO) and electricity generator Constellation Energy (NASDAQ:CEG) are defying the sudden, downward trend of stocks this afternoon. Both names are advancing about 5%.
Nio is climbing after the automaker reported that it had delivered 31,138 vehicles in December, representing a new all-time record. The firm’s deliveries rose an impressive 73% versus December 2023. For all of Q4, the company handed over 72,689 vehicles, setting a new quarterly record. Nio’s Q4 deliveries jumped 45% compared with Q4 of 2023.
A street corner lined with EV charging stations with EVs charging in the gaps.
In November, Nio disclosed that it intends to begin selling EVs in the U.S. Despite America’s 100% tariff on imported Chinese EVs, Nio is planning to export such vehicles to the U.S. The automaker intends to eventually sell its vehicles in “25 countries and regions.”
Meanwhile. Constellation announced that it had obtained contracts worth a total of over $1 billion from the federal government. Under the deals, the company will ” supply power to more than 13 government agencies,” it reported. Additionally, it will seek to save energy at five facilities owned by Washington.
In conjunction with the agreement, Constellation will supply nuclear energy to the U.S. government during a ten-year period. Also importantly, the company noted that the deal would enable it to invest significant funds in expanding its output of nuclear energy.
While we acknowledge the potential of NIO, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NIO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.