While some trends from 2023 may disappear, one that likely won't is the growing percentage of the global automobile fleet converting to electric vehicles (EVs). In the U.S., less than 10% of total automobile sales are now EVs. In China, that percentage is higher, with battery electric vehicles (BEVs) accounting for 25% of new sales in September 2023.

This makes China a critical EV market for investors, and Nio (NYSE: NIO) is a company that often comes up when researching Chinese EV companies. With EVs slated to capture even more market share in 2024, is Nio a good buy right now?

Although Nio is a popular Chinese EV investment for U.S. investors, it's far from China's biggest EV maker. That title belongs to BYD (OTC: BYDDY). In December, Nio delivered over 18,000 vehicles, up 14% year over year. For 2023, it delivered over 160,000 vehicles, up 31%.

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Source Fool.com