NIO Inc. (NYSE:NIO) shares are trading higher after Tencent increased its stake in the company to 15.1% of outstanding shares.
NIO operates in China's premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles.
NIO's stock was up 7.76% at $7.92 on Monday at the time of publication. The company set a new 52-week high of $7.92 and has a 52-week low of $1.19.