Shares of (NYSE: NIO) shot more than 15% higher to start the trading day today. There wasn't any specific announcement from the Chinese electric vehicle (EV) company, but there was good reason for the excitement nonetheless.

Nio's American depositary shares didn't hold all of that gain, but were still higher by 5.9% at noon ET on Tuesday.

Nio stock has had a rough start to 2023. Today's jump is one of the only positive market days for it this year; the stock is still lower by 30% year to date. Much of that decline was due to macroeconomic factors. Even though Nio has started exporting its EVs to Europe, most of its sales are still in China.

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Source Fool.com