China Nio shares jump 20% as EV shipments more than double since April

Shares of a Chinese electric vehicle maker Nio Inc jumped 20% on Thursday after auto shipments doubled in April.

The company’s Hong Kong-listed shares jumped as much as 23% to HK$44.20, hitting their highest level in more than six weeks. Nio’s stock also helped the broader push Hang Seng Indexwhich jumped 2% in midday trading.

Nio said delivered 15,620 vehicles in April, a 134.6% year-over-year increase.

“Deliveries consist of 8,817 premium smart electric SUVs and 6,803 premium smart electric sedans,” the company said in a statement on Wednesday.

Nio has delivered 45,673 vehicles so far this year, up 21.2% from the same period last year.

The Chinese EV maker is also expanding its battery-swapping partnerships as it seeks to gain an infrastructure edge in the EV ecosystem. Efforts like these are aimed at easing consumer anxiety about driving mileage.

Other Chinese EV manufacturers including Li Auto, Xpeng and BYD also reported April deliveries on Wednesday, while Li Auto was the only company to report lower deliveries than the previous month.

Li Auto delivered 25,787 cars in April, down 11% from March. The company’s Hong Kong-listed shares were still 3% higher.

Xpeng said it delivered 9,393 EVs in April, 4% more than the previous month. BYD sales volume for electric vehicles was 313,245 in April, up 3.6% from 302,459 in March.

Hong Kong-listed shares of Xpeng jumped 7.5%, while those of BYD added 5%%.

Chinese smartphone maker Xiaomi recently joined the fray and launched electric car in early April. The company priced the SU7 at about $4,000 less than Tesla’s Model 3. The company also claims that the new car will have a longer range.