(NYSE: NIO) has taken investors on a wild ride since its public debut. The Chinese electric vehicle (EV) maker went public at $6.28 per American depositary share (ADS) on Sept. 12, 2018, and its shares rallied to an all-time high of $62.84 on Feb. 9, 2021. At its peak, Nio's enterprise value reached $91.4 billion, or 16 times the sales it would generate in 2021.

But as of this writing, Nio trades at about $6 per share with an enterprise value of $12.1 billion -- which is just over 1 times the sales it's expected to generate in 2024. Let's see why this hot EV stock took a roundtrip back to its IPO price, if it's a bargain at these levels, and if it has a shot at becoming a trillion-dollar EV maker over the next few decades.

Image source: Nio.

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Source Fool.com