*By Carlo Versano*
Shares of the newly-public Chinese electric car company NIO surged for a second straight day Wednesday ー even amid a broader market slump ー on the news that Tesla's largest outside investor is taking a stake.
NIO ($NIO) was up as much as 5 percent on Wednesday morning, following an SEC [disclosure](https://www.sec.gov/Archives/edgar/data/1088875/000108887518000054/NIOInc30092018.txt) that Baillie Gifford, an investment firm that owns 9 perfect of Tesla ($TSLA), is acquiring around 11 percent of NIO.
The investment shows that we're still in the early stages of a match to own the exploding market for luxury electric vehicles, and deep-pocketed investors seem willing to back more than one horse at a time.
"We're in uncharted territory now," said Tamara Warren, co-host of Cheddar Rides.
But NIO isn't Tesla.
Despite its troubles, Elon Musk's company has a soup-to-nuts production component.
NIO, on the other hand, doesn't actually make its own vehicles, as Warren noted. Instead, it has an agreement with a Chinese manufacturer. So while NIO proclaims itself to be a Tesla rival, "no one knows who's going to give Tesla run for their money," Warren said.
NIO raised $1 billion in a public offering last month on the NYSE, though it stumbled out of the gate. After more than doubling in its first few days on the market, shares feel back below their IPO price. With Wednesday's gains, the stock is at its highest level since Sept. 25.
Tony Drake, founder of Drake & Associates, breaks down the latest CPI report, why ‘inflation is still trending down,’ and why the Fed doesn’t want to cut rates too soon.
Make sure your love don't cost a thing this Valentine's Day to any scammers. Note: we're not talking about your partner that didn't do the dishes after saying they would.
Landing founder and CEO Bill Smith shares how the company’s new Nomad pass and partnership with Frontier Airlines allows subscribers unlimited airfare and accommodations.
The pandemic yielded government financial support and (eventually) a surprisingly strong job market — but racial wealth disparities grew. Why is it so difficult to close the wealth gap?
Plenty of retailers and suppliers are reducing the variety of their offerings to focus instead on what they think will sell best. Many businesses have decided less is better, justifying their limited selection by asserting shoppers don’t want so much choice.
Joe Pompliano, author of the Huddle Up newsletter, breaks down the biggest moments from Super Bowl LVIII, from potentially record-breaking viewership to Taylor Swift’s highly anticipated appearance.
David Wright, President and owner of Wright Financial Group, shares his thoughts on why the Federal Reserve seems hesitant to cut rates, and why regional bank stocks could help move the needle.
Disney and Fortnite-maker Epic Games will collab on making new video games with Disney characters. Hopefully it will be more than Mickey Mouse hitting the Griddy.
