With a market valuation of around $411 billion, Tesla is the most valuable automaker in the world. To compare, General Motors' current market capitalization is $51.6 billion. Analysts describe Tesla's valuation as "swollen" and will likely decrease at some point, but other up and coming all-electric automakers are also gaining value. One of them is China's Nio whose own market valuation is now rated at $53.4 billion, according to Bloomberg.

In fact, Nio's stock increased by 28 percent last week due to a combination of increased EV demand in China and the election of Joe Biden as the next US president. Haven't heard much about Nio? You're probably not alone.

The Nio ES8 SUV, currently on sale in China, is a direct Tesla Model X rival with 643 horsepower and 619 lb-ft of torque on tap and a maximum range of 311 miles. Expansion to additional markets, including North America is likely. Nio's new market valuation is a far departure from where it was not so long ago as it faced some financing issues. Those were reportedly resolved last March following a $435 million round of financing. Nio also maintains R&D operations in Silicon Valley, California, and a design studio in Munich, Germany. Its corporate offices are in Shanghai, China.

Another interesting vehicle from the company is the less powerful and more affordable ES6 SUV which, in base form, has 215 hp and 322 hp for the top variant.

The ES6 is also the world's first EV that utilizes a permanent magnet motor for the base version and an induction motor for the latter. Nio claims these technologies offer a combination of reduced costs and more than sufficient levels of power. Other notable ES6 features include bodywork made entirely of aerospace-grade aluminum and chassis components built from high-strength carbon fiber.

Eventually, Nio would like to begin sales in North America, but no timeline has been formally announced. But the big question is whether or not it'll maintain its high market value. Was this just a fluke or a new reality? Time will tell.