(NYSE: NIO) became one of the market's hottest electric vehicle (EV) stocks during the apex of the growth and meme stock rally. The Chinese EV maker, which went public at $6.26 per American depositary share (ADS) on Sept. 12, 2018, saw its shares soar to an all-time high of $62.84 on Feb. 9, 2021. But today, its stock trades at about $7.

Therefore, a $1,000 investment in Nio would have blossomed to over $10,000 before withering back to about $1,100. Let's see why Nio lost its luster and whether it might still generate millionaire-making gains over the next few decades.

Image source: NIO.

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Source Fool.com