Shares of Nio Inc. /zigman2/quotes/204905836/composite NIO -3.07% rocketed 32% in very active premarket trading Tuesday, after the China-based electric vehicle maker announced a preliminary collaboration agreement with the government of Hefei, Anhui province, where the company's main manufacturing hub is located. Trading volume topped 15.8 million shares, making the stock the most actively traded before the open. Under terms of the agreement, the Hefei government expects to provide resources and funding support for Nio, as Nio plans to establish its China headquarters, expand its operations and deepen its relationships with partners in Hefei. Separately, Benzinga reported that Bernstein upgraded Nio to market perform, with a $4 stock price target, which is 3.1% above Monday's closing price of $3.88. Nio's stock, which has lost 8.9% over the previous two sessions, has run up 89.3% over the past three months through Monday. In comparison, U.S.-bases EV rival Tesla Inc.'s stock /zigman2/quotes/203558040/composite TSLA -2.61% has soared 148% over the past three months and the S&P 500 /zigman2/quotes/210599714/realtime SPX -3.37% has gained 2.9%.