Oops, something went wrong Nio (NYSE: NIO) stock has lost a staggering 41% of its value in just the past six months and is barely 6% away from its 52-week low, as of the time of this writing. At its current price, Nio stock is the cheapest it's ever been, trading at an only 0.8 times price-to-sales (P/S) ratio against its five-year average P/S of 2.5. That's a dirt cheap price to pay for an electric vehicle (EV) maker that's steadily growing its revenue in the world's largest EV market, China. But then the question is, why has Nio stock crashed despite growing its sales? That's something about Nio you must know before you buy the stock. Nio stock was enjoying a good run-up this year, gaining almost 19% through March 19 before giving up all of those gains, and then some. The EV maker released numbers for its fourth-quarter and full-year 2024 on March 21, and the number miffed investors yet again. Although Nio's vehicle sales rose 13% year over year in Q4, its net loss surged 33%. Nio's net loss rose 8% to $3 billion in 2024, on revenue worth $9 billion. A price war in the Chinese EV market forced Nio to cut prices of its EVs multiple times over the past couple of years or so. That, alongside car platform upgrades, high input and marketing costs, and other nonoperating items, have eaten into Nio's bottom line. And, that's the biggest reason why Nio stock has fallen so much despite a growing top line. Nio's management, however, is trying to cut general expenses. The company has also launched its own autonomous driving chip and software to cut costs and reliance on third parties. Meanwhile, Nio recently launched its first mass-market brand, Onvo, to expand its market in China, and will launch the second model under it in the coming months. Demand isn't a problem either -- Nio's deliveries surged 49% in the first two months of 2025. If you're looking to buy an EV stock, I believe Nio is a top value pick now. Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this. On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $284,402!* Apple: if you invested $1,000 when we doubled down in 2008, you’d have $41,312!* Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $503,617!* Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon. Continue » *Stock Advisor returns as of March 24, 2025 Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Nio's Stock Is About the Cheapest It's Ever Been. 1 Thing to Know Before You Buy. was originally published by The Motley Fool Sign in to access your portfolio