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The electric vehicle (EV) industry hasn’t lived up to the hype of its early days, and of late has been in the news for much more unpleasant reasons, like bankruptcies. NIO (NIO) is one name that once looked quite promising, and was touted as the “Tesla of China.” At its peak in early 2021, NIO commanded a market cap of over $100 billion.
Cut to 2024, and NIO has a market cap of just around $6.87 billion. The stock is down 57.3% YTD, after having previously closed in the red in each of the previous three years. Notably, NIO has otherwise stood out in a crowded Chinese EV industry, and billionaire investment manager Baillie Gifford was among the early backers.
