5 Best Non-Tech Chinese Stocks to Buy Now

3. NIO Inc. (NYSE:NIO)

Number of Hedge Fund Holders: 30   

NIO Inc. (NYSE:NIO) develops and sells electric vehicles. Like other EV firms in China, Nio has also posted strong EV delivery numbers for March. The stock jumped 6% at the start of the month after the company reported a 37% year-on-year growth in March delivery numbers. In the first quarter of 2022, the firm delivered a record 25,768 EVs, up close to 29% compared to deliveries for the first quarter of 2021. The firm has so far delivered 192,838 vehicles across the world. It plans to launch deliveries for the new ET7 model this year too. 

On March 25, Citi analyst Jeff Chung kept a Buy rating on NIO Inc. (NYSE:NIO) stock with a price target of $87, noting that the firm posted stronger than expected vehicle margins for the first quarter of the year. 

At the end of the fourth quarter of 2021, 30 hedge funds in the database of Insider Monkey held stakes worth $813 million in NIO Inc. (NYSE:NIO), the same as in the preceding quarter worth $1.1 billion.