Usman Salis
⬤ NIO's stock price tells a puzzling story: it's trading right where it was in January 2025, even though the company's gotten noticeably bigger and more capable since then. The chart shows shares consolidating after earlier swings, stuck in the same range despite clear operational progress underneath.
⬤ The delivery numbers make the disconnect obvious. NIO moved 221,970 vehicles in 2024, then jumped to 326,028 in 2025—that's nearly 50% more cars rolling off production lines. Yet the stock hasn't budged from its early 2025 price territory. It's a textbook case of market valuation lagging behind what's actually happening on the ground.
⬤ Back in January 2025, NIO wasn't making chips in-house at scale, and the ES8 wasn't even in the lineup yet. Fast forward to now, and they're collaborating with CATL on next-gen battery tech while broadening their product range. The company's clearly evolved—new manufacturing capabilities, expanded partnerships, wider model selection—but equity investors haven't rewarded any of it.
⬤ Why does this matter? Because it shows just how disconnected stock prices can get from business fundamentals for months on end. NIO's proven it can scale deliveries and push into more sophisticated territory, yet the market's still treating it with the same skepticism it had over a year ago. Whether that's about broader EV sector concerns, competitive pressure from Chinese rivals, or doubts about profitability timelines, the result's the same: measurable progress without price recognition. For now, NIO's story remains one of execution without market credit.
Usman Salis
