NIO Inc ( NIO ) shares are trading higher Wednesday. The stock appears to be getting a lift amid strength in EV stocks, driven by a major pop in shares of Rivian Automotive Inc ( RIVN ) after the company announced plans to form an equally controlled and owned joint venture with Volkswagen.

What Happened With RIVN: Rivian shares ripped higher late Tuesday after the company announced a $5 billion investment from Volkswagen. The stock has pulled back a bit in Wednesday’s session, but was still up approximately 21% on the day at last check, per Benzinga Pro.

Volkswagen will initially invest $1 billion in Rivian through an unsecured convertible note. The German automaker is expected to invest an additional $4 billion over time as part of the transaction. Rivian and Volkswagen will enter into a joint venture as part of the deal to create next generation software-defined vehicle platforms to be used in both companies' future electric vehicles.

"Not only is this partnership expected to bring our software and associated zonal architecture to an even broader market through Volkswagen Group's global reach, but this partnership also is expected to help secure our capital needs for substantial growth,” said RJ Scaringe, founder and CEO of Rivian.

Why It Matters: Several EV stocks are trading higher Wednesday alongside Rivian. Tesla stock was up more than 3.65% at last check while Lucid Group shares were up about 4.5%. China-based EV makers including Nio, BYD, Li Auto and XPeng were all trading higher at the time of publication.

Check This Out: Tesla China Gets Morale Boost As Laid-Off Employees Return: Report

How To Buy NIO Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Nio's case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

NIO Price Action: Nio shares were up 4.35% at $4.56 at the time of publication, according to Benzinga Pro.