Editor's Note: This story has been corrected to reflect that Andrew Left did NOT liquidate his position in the company, he took some profits but still owns shares. 

NIO Inc. (NIO) - Get Report was up 14.2% Tuesday even after activist investor Andrew Left reduced his position in the Chinese electric vehicle maker.

Left, head of Citron Research, told Benzinga that the stock has gotten too expensive for his taste after shooting up 50% since his original call. The company is "just trading on emotion here," Left said. 

Meanwhile, with Tesla (TSLA) - Get Report CEO Elon Musk once again in hot water with market regulators, investors may be searching for a safe haven with NIO, one of Tesla's biggest potential rivals.

The Securities and Exchange Commission asked a judge to hold Musk in contempt for court for violating a settlement he agreed to after the regulatory agency found him guilty of misleading investors after saying that he had enough funding secured to take Tesla private. 

Part of the settlement between the two parties stipulated that Tesla "establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk's communications."

Musk recently tweeted that Tesla will deliver 500,000 vehicles in 2019, a number that was 100,000 more than the company said it would deliver during its latest earnings release. Musk apologized and deleted the tweet after realizing his mistake, but the SEC doesn't seem to be impressed with his mea culpa. 

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