*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.
TikTok once again finds itself in a precarious position as lawmakers in Washington move forward with a bill that could lead to a nationwide ban on the platform.
Bryan West, Gannett’s Taylor Swift reporter, recaps the many, many, theories and Easter eggs Swifties are debating as her ‘Eras Tour’ film comes to Disney+.
‘Our Biggest Fight’ author and Project Liberty founder Frank McCourt, Jr. explains his problem with the internet – and why this Tiktok bill is just a starting point.
Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Biden.
Jayesh Govindarajan, head of A.I. at Salesforce, explains the company's new Einstein copilot, plus other ways it is investing in artificial intelligence.
Altro founder and CEO Michael Broughton shares how his company is bringing both expanded credit access and financial wellness to underserved consumers, plus netting early investments from Tinashe, Quavo, and Jay Z’s Marcy Ventures.
Portillo’s CEO Michael Osanloo discusses the company’s decades of profitability, opening restaurants in new markets, and why it doesn’t need trends like dynamic pricing.
