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While many retail investors and a section of sell-side analysts have been bullish on Chinese electric vehicle (EV) company NIO (NIO), it has failed to live up to expectations. After closing in the red in 2021 and 2022, it has lost almost a fifth of its market cap in 2023 as well, and looks on track for its third consecutive year of losses.
The “Tesla of China,” as NIO was once hailed, is now struggling to justify that title, even as China-based BYD (BYDDY) looks set to snatch the crown of largest EV seller from Tesla (TSLA) – after having already surpassed the Elon Musk-run company in terms of total deliveries, after accounting for plug-in hybrid vehicles (PHEVs).