Nio is trading around $5, down significantly from its 2021 peak. They are expanding with over 3,500 battery swap stations and new sub-brands like Onvo and Firefly. Performance has improved in 2025 with deliveries up 35% in the first nine months. Margins also bounced back to 14.7% in Q3 as they sold more premium vehicles. Guidance for Q4 is strong with expected growth of 65% to 72%. The stock currently trades at less than 1x sales compared to Tesla at 14x, but U.S.-China trade tensions continue to suppress the valuation.