(NYSE: NIO) stock surged Tuesday. The Chinese electric vehicle (EV) specialist's share price ended the daily session up 10.8%, according to data from S&P Global Market Intelligence.

On Dec. 23, the company revealed its ET9 ultra-luxury sedan at its Nio Day event. The company also took the wraps off its new, 5-nanometer (5nm) chip for autonomous driving. The U.S. market was closed for the Christmas holiday on Monday, but investors are showing their excitement for the new luxury vehicle and semiconductor technology today.

Starting at more than $112,000, Nio's ET9 sedan is poised to be the company's most expensive release to date. The EV will include a super-fast-charging battery pack and other high-end features, and represents a big push into the upper premium vehicle market. Deliveries for the ET9 are expected to begin in the first quarter of 2025.

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Source Fool.com