What happened Shares of Chinese electric vehicle maker Nio (NYSE: NIO) have had positive momentum for more than a week now, and that has continued today. As of 11 a.m. EDT, Nio shares had gained 3%. Since Oct. 4, the stock is up more than 9%. There are both company-specific as well as more general reasons related to its business that help explain the move. So what Last week, Chinese electric vehicle and battery maker BYD, which is one of Warren Buffett's Berkshire Hathaway portfolio holdings, announced plans to collaborate with a fleet-as-a-service solutions joint venture to deploy up to 5,000 new EVs to fleet managers in the U.S. And yesterday, news came that global EV leader Tesla had produced a record volume of electric vehicles at its Shanghai factory in September, with the majority of those sales remaining in China. Both items bode well for the growth of Nio's business. Nio ES8 electric sedan to be shipped to Norway. Image source: Nio. Now what According to data from the China Passenger Car Association, Tesla produced a record 56,006 Model 3 and Model Y vehicles in China in September, and only 3,853 were exported. That signals strength in the Chinese EV market that wasn't apparent the prior month. In August, Tesla's China facility exported about 71% of the more than 44,000 vehicles it made, according to Reuters. A strong domestic market is essential for Nio, though the company has also begun exporting to Europe. Its initial shipment went to Norway earlier this year, and the company has plans to expand its presence there through its Nio House community as well as its Nio Power battery exchange and charging stations. It also plans to be shipping its new ET7 luxury sedan to Germany by the end of next year. Competitor BYD already has a presence outside of China, including in the U.S. where it markets its electric buses. But a Chinese EV maker growing its presence in the U.S. might also signal to some that Nio will eventually enter the U.S. market. For now, the company is counting on strong Chinese and European markets, and investors are recognizing that potential and more as the stock holds upward momentum. 10 stocks we like better than NIO Inc.When our award-winning analyst team has 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.* They 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 September 17, 2021 Howard Smith owns shares of BYD, Berkshire Hathaway (B shares), and NIO Inc. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares), NIO Inc., and Tesla. The Motley Fool recommends the following options: long January 2023 $200 calls on Berkshire Hathaway (B shares), short January 2023 $200 puts on Berkshire Hathaway (B shares), and short January 2023 $265 calls on Berkshire Hathaway (B shares). The Motley Fool has a disclosure policy.Source