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Electric vehicle company Nio could be the 'Tesla of China,' Piper Sandler says

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New for subscribers: Electric vehicle company Nio could be the 'Tesla of China,' Piper Sandler says Check out CNBCPro for a free trial.

The NIO Inc. ES6 electric sport utility vehicle stands on display at the Auto Shanghai 2019 show in Shanghai, China, on Tuesday, April 16, 2019.

More and more companies are racing to bring all-electric vehicles to market as consumer tastes shift and investor enthusiasm for the space grows, and Piper Sandler believes increased attention should be paid to China-based EV company"None of these newly-emerging companies can match NIO's track record ... we think it's possible NIO deserves more airtime than it's getting," the firm said in a note to clients Tuesday night, following the automaker's latest earnings report.

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