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Should You Buy Nio While It's Below $7?

TheMotleyFool

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Should You Buy Nio While It's Below $7?Photo, wide shot, wide-angle lens, Automotive service center, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/c8dbaa5e-abdb-40ac-b919-ed80785b056a.png

After briefly surging to a high of $7.89 per share in October, the stock of Chinese electric vehicle (EV) manufacturer Nio (NYSE: NIO) has dropped 13% and is now back below the $7 mark.

Once-bitten, twice-shy investors might look at Nio's 2021 share price of $62.84 and see nothing but another failed EV stock. However, Nio has been quietly ramping up manufacturing, introducing popular new designs, and expanding its global footprint, to the point that shares have now more than doubled from their recent five-year lows.

Can Nio reclaim some of its former glory (and, better yet, its former market cap), or should investors still be steering clear?

Source Fool.com