We recently published a list of 10 Stocks That Led Tuesday’s Charge. In this article, we are going to take a look at where Nio Inc. (NYSE:NIO) stands against other stocks that led Tuesday’s charge.

The stock market finished Tuesday’s trading in the red territory anew, erasing two consecutive days of gains, as investors repositioned their portfolios ahead of the Fed rate decision on Wednesday.

The Nasdaq registered the biggest drop among Wall Street’s main indices, declining 1.71 percent, followed by the S&P 500 with 1.07 percent, and the Dow Jones by 0.62 percent.

Despite the decline, ten companies showed off resilience during the session, finishing with modest gains. In this article, we have named the 10 top performers and detailed the reasons behind their gains.

To come up with the list, we only considered the stocks with a $2-billion market capitalization and $5 million in trading volume.

A fleet of eco-friendly electric cars, a symbol of the company's commitment to sustainability.

Nio Inc. (NYSE:NIO)

Nio Inc. rose for a third day on Tuesday, adding 3.18 percent to close at $5.19 each following news that it entered into an agreement with Contemporary Amperex Technology (CATL), one of the largest battery manufacturers in China, to develop a battery-swapping network across the mainland to help drivers avoid recharging slowdowns.

Nio, a China-based electric vehicle manufacturer, said the deal with CATL would benefit passenger vehicles over a wide range of products, including unifying industry technical standards, enhancing capital and business collaboration, and providing efficient recharging solutions for users.

It added that the collaboration will create the largest and most advanced battery swapping service network for passenger vehicles, leveraging their respective strengths in technology, management, platforms, and brand influence.

Battery swapping allows EV drivers to switch out depleted batteries for fully charged ones, eliminating the need to spend longer hours at a charging station.

Overall, NIO ranks 9th on our list of stocks that led Tuesday’s charge. While we acknowledge the potential of NIO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as NIO but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.