Chinese electric vehicle maker NIO is getting new investment and its shares surged Monday. EV shares have had a bumpy year as demand cooled for the vehicles and China’s economy struggled to recover from a prolonged property slump.

A subsidiary of Chinese electric vehicle (EV) assembler Nio has received 3.3 billion yuan (US$471 million) in fresh capital from a consortium of investors backed by the government of Hefei in eastern China's Anhui province,

Nio Inc. founder William Li hit out at the European Union and the US, saying their moves to level tariffs on electric cars are unreasonable and urged them to cooperate with, rather than fight, China.

Key Takeaways Nio's U.S.-listed shares surged Monday after the company announced a new $1.9 billion investment.3.3 billion Chinese yuan will come from outside investors, with another 10 billion coming from the EV maker's parent company.

"As this little tree grows into a big tree, and eventually into a forest, Hefei and Anhui continue to nurture and cultivate it,” said NIO's CEO William Li.