The best bet in the world's No. 1 EV market

$Ford Motor(F.US)$ and $Lucid Group(LCID.US)$ are focused on the U.S. markets, where 328,000 electric vehicles were sold in 2020. China, in comparison, sold nearly 1.25 million EVs in 2020. There's clearly no beating China when it comes to EV growth, so how could you not consider owning a stock in the world's largest EV market? $NIO Inc(NIO.US)$ is one you'd want to pay close attention to.

Nio wants to beat $Tesla(TSLA.US)$ in its home market and, while it's at it, expand its footprint in other parts of the world. $NIO Inc(NIO.US)$ sells three EVs right now, but it has two models ready to hit the roads in 2022.

On Dec. 18, $NIO Inc(NIO.US)$ unveiled a midsize sedan, the ET5, that comes with Nio's latest autonomous driving technology. Nio is wasting no time: It has already opened reservations for the ET5 and will start deliveries in September 2022. The ET5 has already become Nio's most preordered vehicle yet, according to CnEVPost.

Meanwhile, $NIO Inc(NIO.US)$ said it'll confirm orders for its fourth vehicle, the flagship ET7 sedan, on Jan. 20 and start deliveries on March 28. As expected, both the ET7 and ET5 will offer battery swapping, giving buyers the option to buy a car without batteries for a lower price and instead subscribe to plans to charge and swap batteries at Nio's swapping stations when needed. This battery-as-a-service concept is also one of Nio's biggest competitive advantages.

Nio also plans to enter Germany, Sweden, and the Netherlands in 2022 after foraying into its first international market, Norway, this year. By 2025, Nio expects to have entered 25 countries and regions. In short, there's a lot to like here, and the ET5 could potentially mark the beginning of a new growth phase for Nio. At current price, Nio could be a steal for the long term.