Vehicles on fire, a drastically reduced delivery outlook, first-quarter sales halved and subsidies cut by the government.

It hasn’t been a smooth six months for electric vehicle startup, Nio, which some dubbed China’s Tesla.

With the Tuesday delivery of its second model, the five-seater ES6 sport-utility vehicle, the spotlight is on whether the company can reverse its fortunes, as it market capitalization has evaporated over 60% since its listing last year.

Check caixinglobal.com for an in-depth report on Nio’s fate.

Related: Nio Drops Plan for Shanghai Factory After Tesla Beats It to the Punch

Contact reporter Jason Tan (jasontan@caixin.com)