This week, Nio (NYSE: NIO) saw a surge in stock popularity due to the unveiling of a new vehicle and Tesla’s (NASDAQ: TSLA) recent challenges. Nio’s stock rose over 12% by the end of the week, according to S&P Global Market Intelligence data.

Nio introduced the ONVO L90, a three-row electric SUV, alongside its 800,000th vehicle production milestone. Priced at $27,000 for battery-as-a-service and $39,000 for a complete model, the ONVO L90 will be available for delivery in China starting Aug. 1.

Despite Tesla’s second-quarter struggles, Nio continues to leverage growth factors in China’s EV market. Investors are optimistic about Nio’s position in a growing economy and government support for electric vehicles, making the company a promising investment opportunity.

Read more at Nasdaq: Why Nio Stock Accelerated 12% Higher This Week