NIO's stock is rising due to several factors. Firstly, China's broad measures to optimize its business environment are likely to benefit Chinese companies like NIO. Secondly, the strength of peer Chinese EV maker XPeng, especially after its collaboration with Volkswagen, is likely to have a positive spillover effect on NIO. Lastly, the overall market volatility ahead of the Federal Reserve's decision on rate hikes is causing fluctuations in stock prices, which seems to be benefiting NIO at the moment.

XPeng's stock is likely to see strength after the company signed a technical collaboration agreement with Volkswagen. This agreement, which involves Volkswagen acquiring 4.99% of XPeng's outstanding share capital for $700 million, is a significant development for XPeng and is likely to boost investor confidence in the company, leading to a potential rise in its stock price.