(NYSE: NIO) was one of the market's hottest electric vehicle (EV) stocks. The Chinese EV maker went public at $6.26 per American depositary share (ADS) five years ago and closed at its all-time high of $62.84 on Feb. 9, 2021. But today, it trades at about $8.

Nio initially impressed investors by more than doubling its annual deliveries in 2020 and 2021. But in 2022, its deliveries only rose 34% as it grappled with intermittent COVID-19 lockdowns, supply chain constraints, extreme weather conditions, and intense competition. In the first half of 2023, its deliveries inched up just 7% year over year.

Image source: Nio.

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Source Fool.com