Most electric vehicle (EV) stocks corrected steeply in 2022. Fears of a recession impacted the markets, and investors were concerned about the near- to medium-term prospects of early-stage growth companies.

Nio (NYSE: NIO) stock was no exception. The stock has plunged over 60% so far in 2022. Does the steep fall show genuine concerns about the company, or is this a buying opportunity?

Nio, which started producing its EVs in June 2018, has been growing its deliveries consistently. The China-based company has delivered 273,741 EVs so far. In November 2022, the company delivered 14,178 electric cars, a 30% year-over-year increase.

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Source Fool.com