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.

Nio (NYSE: NIO) shares are down almost 30% so far this year. But anyone who bought stock in the Chinese electric vehicle (EV) maker more recently has done quite well. Nio shares have soared by more than 65% over the past month.

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,