Shares of Nio Inc. (NIO) surged in premarket trading on Monday following reports that the Chinese electric vehicle manufacturer is developing a hybrid electric car under its Firefly brand. This move comes as Nio seeks to expand its reach into overseas markets like the Middle East, North Africa, and Europe, where charging infrastructure for purely electric vehicles remains a hurdle. The company’s recent delivery figures, which saw a 30.5% year-on-year growth in October, also fueled investor optimism.