Forget Tesla: This EV Stock Has Better Growth Potential

Tesla (NASDAQ: TSLA) has taken the investing world by storm this year. Shares of the top electric-vehicle maker have jumped more than 400%, at one point becoming the seventh most valuable American company.

Tesla has outperformed expectations during the pandemic, but the real reason for the stock's surge is that investors believe that the EV revolution is entering hyperdrive. Prices and battery power are improving faster than expected, meaning that EVs may soon become cheaper than conventional internal combustion vehicles, leaving the polluting technology in the dust.

That development has sparked a rally not just in Tesla, but in EV stocks more broadly, and with Tesla already at a market value of $400 billion, there are likely better places for investors to look if they want multi-bagging returns. One such option is Niu Technologies (NASDAQ: NIU), a Chinese maker of electric scooters.

Source Fool.com