(NYSE: NIO) stock has seen some incredible swings since going public. After its initial public offering (IPO) in 2018, the company's stock rocketed to a price of nearly $63 per share. But a combination of macroeconomic and industry-specific factors spurred a dramatic pullback.
The company's share price is now down roughly 88% from its high. Despite the electric vehicle (EV) specialist's stock being down massively, the company has been serving up some impressive growth. Is Nio stock a smart buy for 2024 and beyond?
Nio recorded revenue of roughly $2.61 billion in the third quarter, good for a 46.6% year-over-year increase. Vehicle deliveries in Q3 came in at 55,432 -- up 75% year over year. The company also reported that its net loss expanded roughly 11% year over year to total $624.6 million in the period.
Source Fool.com