Wall Street's enthusiasm for electric vehicles (EVs) isn't what it was a couple of years ago. Shares of Chinese electric vehicle manufacturer (NYSE: NIO) are down a staggering 90% from the high they reached in early 2021.
A growing fear surrounds China's economy, with conditions marked by Chinese consumers reportedly struggling and spending less. But does all that justify Nio's deep stock decline, or is this an opportunity to buy an up-and-coming company at bargain-basement prices?
Nio primarily sells its EVs in its domestic Chinese market, but is expanding globally, including ramping up in Europe, and is weighing plans for the United States. The company's EV line-up includes nine models of cars and SUVs. Nio has also pioneered a battery-swapping technology that can remove a drained battery and replace it with a fully charged one in approximately three minutes.
Source Fool.com