What happened Many stocks have had a real up-and-down 2020. China-based electric vehicle (EV) maker NIO (NYSE: NIO) is not one of them. In the latest of many daily pops, the company's shares zoomed 6.5% higher on Tuesday, although this was due more to speculation than to fact. So what Numerous media outlets are reporting that NIO is firming up plans to enter the European market in 2021. One such report, published in Chinese car industry tracker Gasgoo, stated that the company has already set up the business unit to spearhead that effort. Some rumors have it that NIO's European team will initially be headquartered in Copenhagen, Denmark. Image source: NIO. Under a project code-named Marco Polo, the article stated, NIO has picked numerous employees to staff the unit. The ambitious carmaker plans to sell 7,000 of its ES8 and ES6 SUVs on the Continent within two years. In August, CEO William Bin Li stated that his desire is for the company to launch operations in overseas markets "where EVs are popular." He targeted Europe as a prime region. Now what NIO's ambitions make a lot of sense in a world that is eager to make its transportation greener. Europeans are very eco-conscious consumers, although the Continent's already-sluggish economic growth, its current struggles with the pandemic, and the presence of top global carmakers could make that ride a bumpy one for the Chinese company. Still, it's encouraging that NIO is eagerly cruising around for its next sources of growth. 10 stocks we like better than NIO Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and NIO Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source