Nio stock (NIO:NYE 2.61%) has been on a rollercoaster ride in recent months, losing 66% of its value since the market peaked on Jan. 3, 2022.
The electric vehicle (EV) company faced a number of challenges in 2022, including surging COVID-19 cases in China, lockdowns, and a shortage in the supply of key parts, which affected production and caused prices of parts and batteries to surge. Despite these setbacks, Nio stock delivered a record quarter with 40,052 deliveries in Q4 2022, up 51% YoY.
The company also launched three new models in 2022, the ET7 sedan, the ES7 SUV, and the ET5 midsize sedan, which drove sales higher. Nio’s ET5 sedan quickly became one of the top 10 best-selling premium sedans in China in December.
With the launch of two new models at its Nio Day event in December and more launches planned for 2023, the company is focusing on delivering more cars to meet demand. Nio also plans to expand its footprint in Europe this year.
Despite the ongoing challenges, Nio’s strong product lineup and focus on gaining market share make it a must-watch stock for 2023 and beyond.
The company’s deliveries rose steadily through 2022, and it seems that Nio doesn’t have a demand problem. With a focus on new launches and market share, Nio stock has solid chances of recovery in 2023.