SHANGHAI—A year ago, Chinese electric-vehicle startup NIO Inc. was near ruin. Today it is worth more than General Motors Co.
NIO’s brush with bankruptcy and its subsequent revival to become the world’s fourth most valuable auto maker—only Tesla Inc., Toyota Motor Corp. and Volkswagen AG are worth more by market capitalization—is a measure of investors’ seesawing faith in Chinese EV startups, which for years promised a high-tech automotive revolution that proved elusive.
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