The electric vehicle company's stock has more than doubled from recent lows, but it still has plenty of room to grow.

It's been a wild month for shares of Chinese electric vehicle (EV) stock Nio ( NIO 4.85% ) . Shares bounced 20% higher, then 10% lower, then 30% higher, and now 7% lower again.

In spite of these wild swings, the stock is definitely on an uptrend. Shares have more than doubled from their April lows. With the stock's recent drop to just above $7 a share, is now a good time to buy?

Nio news is good news

The wild swings in Nio's stock price aren't random. They've come on the heels of important news from the company.

On Aug. 21, Nio announced that the all-new version of its ES8 electric SUV would have a starting price of roughly $50,000 -- a 25% price cut from the

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