Chinese electric vehicle (EV) maker Nio (NYSE: NIO) is boldly taking on the competition, and investors are buying in. Nio stock is building on gains Friday morning as shares have shot higher by over 20% this week, according to data provided by S&P Global Market Intelligence.

NIO's shift to affordability with the new ES8 and rising margins boosts its growth outlook and path to profitability. Find out why NIO stock is a buy.

U.S.-listed shares of Chinese EV maker Nio continued to get a boost Friday as the Tesla rival gets ready to launch its challenger to the Model Y L SUV.