NIO Inc., a leading Chinese electric vehicle (EV) manufacturer, saw its shares surge 36.84 percent on Tuesday, after it announced a partnership with Mobileye, an autonomous vehicle (AV) technology firm of Intel, on developing self-driving EVs for consumers in China and subsequently the global market.
NIO's share price exceeded 2 U.S. dollars to settle at 2.34 dollars apiece around market close, marking its first time since late September.
Under the agreement, the Chinese EV maker will manufacture a self-driving system which is designed by Mobileye and will be the first of its kind, NIO said in a statement on Tuesday.
NIO will also produce the system for Mobileye at large scale and integrate the technology into its EV lines for consumer markets and for Mobileye's driverless ride-hailing services.
William Li, founder, chairman and CEO of NIO, said in the statement that the company strives to be "the next-generation car company and the best user enterprise" by teaming up with Mobileye on autonomous driving technology.
Amnon Shashua, president and CEO of Mobileye, also said that the tech company values the opportunity to develop AVs for both the Chinese and other markets and to build "a transformational mobility service across the globe."