The Chinese electric vehicle maker NIO (NYSE: NIO) has taken investors on a wild ride since its IPO in Sept. 2018. It went public at $6.26 per share and surged to an all-time high of $62.84 last February, but subsequently stumbled back to about $14. Like many other EV makers, NIO initially attracted a stampede of bulls during the stimulus-induced rally in growth stocks, but quickly lost its luster amid rising interest rates and other macro headwinds.
Yet NIO is already producing tens of thousands of vehicles each year, putting it far ahead of smaller EV makers that are struggling to ramp up their production. At three times this year's sales, NIO's stock also looks cheap relative to most of its industry peers. So could this be the right time for patient investors to pick up some shares of NIO?
Image source: NIO.
Source Fool.com