NIO trades far below its 5-year P/S average, but high costs and ONVO struggles cloud its improving delivery outlook.

NIO plans to enter the Hong Kong market in Q4 with a distributor-led model, mirroring its Macau strategy amid global expansion efforts.

Nio has faced challenges, including widening losses, a 21% year-to-date share price drop, and heightened competition from Tesla (TSLA, Financials) and BYD.