Like many companies in the electric-vehicle (EV) space, Nio (NYSE: NIO) has seen a massive valuation drawdown in the face of industry pressures, macroeconomic challenges, and increased aversion to growth stocks among investors. The Chinese auto company’s share price trades down a staggering 86% from the high it reached in February 2021. Should investors buy this high-risk, high-reward EV stock on the pullback, or is there still too much downside potential even on the heels of its big sell-off?