(NYSE: NIO) shares shot higher by as much as 10% Monday morning, and it has to do with the highly competitive Chinese electric vehicle (EV) market. As of 11:35 a.m. ET, Nio stock had pared some of that gain but was still trading up by 7.7%. 

The move comes from what should be considered welcome news for Nio and other relatively small Chinese EV makers. Last week, it was reported by the Financial Times that U.S. car giant Ford Motor Company would be scaling back its EV business in China. Today, Ford CEO Jim Farley confirmed the company is going to focus on less competitive markets with its EV offerings. 

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Source Fool.com