Andy FengInvestment thesis My previous bearish thesis about NIO's (NYSE:NIO) stock aged well, as the stock lost around 9% of its value since late April. I think that there are no reasons to be less pessimistic about NIO as the company's fundamentals keep falling apart. The company continues to burn cash, which means more dilution to the shareholders' value in the nearest future. The company is rapidly losing its market share and the sustainability of its business model is questionable. NIO appears to be ...