Chinese electric vehicle (EV) maker (NYSE: NIO) struggled last year as it fought supply chain and COVID 19 issues in its home country. Investors punished the stock as vehicle production lagged and profitability looked further and further away.
The stock is almost 28% lower than it was a year ago as a result. But those returns would be much worse had it not been for a recent surge in Nio shares. The stock has nearly doubled since early May, making it a good time for investors to look into whether it's time to buy, sell, or just hold Nio shares.
2023 was supposed to be the year of expansion for Nio. The company completed construction of its new production facility in Hefei, China, just over one year ago and now has the capacity to produce more than 1 million EVs annually. That project was in anticipation of Nio growing sales in Europe as well as its home Chinese market.
Source Fool.com