(NYSE: NIO) stock tumbled this week, plunging to a 52-week low of $5.86 per share as of this writing. By noon Friday, the electric vehicle (EV) stock had dropped 18% in the week, according to data provided by S&P Global Market Intelligence.

Nio is all set to begin deliveries of its 2024 models in March, but that may not be enough to grow its clout in an industry where competition is getting increasingly intense by the day. Worse yet, the EV industry is also slowing down, as evident by the latest data from China.

China is the world's largest EV market, and Nio is among the leading players. The Chinese EV industry, however, has shown visible signs of a slowdown in recent weeks. This week, data from the China Passenger Car Association revealed a 21% drop in retail new energy vehicles (NEV) sales in China between Jan. 1 and Jan. 14 compared to a similar period from December.

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Source Fool.com