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While the Chinese market saw a relief rally last year amid optimism over an economic stimulus package, electric vehicle (EV) startup Nio (NIO) closed deep in the red. The stock has closed in the red for four consecutive years after peaking in early 2021 when its market capitalization surpassed $100 billion.
To be fair, 2021 was practically a different world for EV stocks. There was general euphoria toward green energy, which coupled with the abundant supply of cheap money, meant that investors bid up shares to ludicrous valuations.
