Global EV sales are projected to reach 18 million by 2025 of which 50% is credited to the Chinese EV market. One of the promising figures in that market, Chijet Motor Company, Inc. (NASDAQ: CJET) just entered the NASDAQ. Currently, CJET is receiving investors’ attention after running by as much as 119%. However, thanks to its focus on research and development, as well as its production capacity, CJET stock could be one of the promising EV stocks to invest in this year.
CJET Stock News
Due to its thorough fixation on research and development, CJET is known for its meticulous nature with the vision of acquiring 80% of the Chinese EV market by creating high-quality and cost-effective EVs. Not only is CJET focused on the Chinese market, but it also intends to expand its reach into South East Asia, the Middle East, and the US. If the company realizes its expansion plans, CJET could be destined for a bright future in the highly competitive EV space.
Tech and Production
What makes CJET’s expansionist vision possible is its ability to utilize its R&D to create high-quality EVs at an affordable price. Due to a litany of partnerships, CJET created a globally linked international product creation system which is basically an extensive R&D network. Using that network, CJET was able to obtain impressive tech such as its solid-state EV batteries which provides it with a major advantage in the EV market since solid-state batteries are not prone to overheating as traditional lithium-ion batteries.
As is, CJET has two operational manufacturing plants one of which has an annual capacity to manufacture 240 thousand cars. A third manufacturing plant is currently under construction and could likely boost CJET’s revenues as it ramps up production. Additionally CJET at times utilizes its subsidiaries in order to fulfill its production goals.
Flagship Vehicle
The FB77 is CJET’s flagship vehicle, which is projected to enter the market soon – with the company planning to launch the vehicle in Q4 2023. As things stand, CJET projects that it will sell 10 thousand units by the end of 2023 which is feasible considering that one of its two manufacturing facilities has an annual production capacity of 240 thousand units.
FAW Jilin
One of CJET’s most unique qualities is its ability to utilize other corporate entities which could be the reason it has several subsidiaries. The most notable subsidiary is FAW Jilin which makes around $238.21 million in revenue annually and produces a series of SUVs and other vehicles. Currently, CJET owns 60% of FAW Jilin which means that CJET makes around $142 million annually due to FAW Jilin making $238.21 million in revenues annually.
Through this revenue stream, CJET could ramp up production of its flagship vehicle – FB77 – while minimally affecting its bottom line. In light of this, CJET could be one of the promising EV stocks to invest in this year.
Media Sentiment
@DonnieStocks is excited over the gains from CJET stock.
@sm95190513 likes CJET’s price action during its run.
Technical Analysis
Looking at the 5-minute chart, CJET Stock is in a bearish trend with the stock trading in a downward channel. Looking at the indicators, CJET is trading above the 200 MA, however, it is trading below the 50 and 21 MAs. Meanwhile, the RSI is neutral at 49 and the MACD is neutral. It is worth noting that there is a gap near $3.81 which could be filled soon as the stock cools down from its strong run.
As for the fundamentals, CJET’s main catalyst is the expected launch of the FB77 this year which could see high demand thanks to its solid-state battery which gives it an edge compared to other EV companies. With this in mind, CJET is extremely volatile at the moment so investors could wait for the stock to consolidate first before entering the stock as it could be one of the most promising EV stocks to invest in this year.
CJET Stock Forecast
A new player just entered the NASDAQ EV market. CJET is a tech-savvy EV company with a lot of potential as its extensive R&D network allows it to develop high-tech components like solid-state batteries that prevent overheating. Moreover, CJET has 2 operational manufacturing facilities and is constructing a third which would allow it to scale production of its flagship EV – FB77. The icing on the CJET cake is that it is a majority shareholder of FAW Jilin which provides it with around $142 million annually in revenues while assisting in its production plans. As is, CJET could be one of the most promising EV stocks as it works to achieve its goals.
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