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.

Nio’s U.S.-listed stock shot up toward another double-digit gain on Monday, after a disclosure of a new big investment and a continued surge in China’s stock market fueled the rally.

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 may provide more information on the Onvo brand when it reports its September vehicle delivery results tomorrow morning. Nio has delivered more than 20,000 EVs for four straight months, and investors likely expect that streak to be extended.