Shares of Chinese language electrical automobile maker Nio Inc jumped 20% Thursday after its automobile deliveries greater than doubled in April.

Hong Kong-listed shares of the corporate jumped as a lot as 23% to 44.20 Hong Kong {dollars}, touching their highest degree in over six weeks. Nio shares additionally helped increase the broader Grasp Seng index, which jumped 2% by noon buying and selling.

Nio stated it delivered 15,620 automobiles in April, a 134.6% year-on-year enhance.

“The deliveries consisted of 8,817 premium good electrical SUVs, and 6,803 premium good electrical sedans,” the corporate stated in a press release on Wednesday.

Nio has delivered 45,673 automobiles to date this 12 months, 21.2% increased than the identical interval a 12 months earlier.

The Chinese language EV maker has additionally been increasing its battery swap partnerships because it seeks to get an edge on the infrastructure aspect of the EV ecosystem. Efforts like these are geared toward relieving customers’ anxiousness about driving vary. 

Different Chinese language EV makers together with Li Auto, Xpeng, and BYD additionally reported April deliveries on Wednesday, whereas Li Auto was the one firm to have reported decrease deliveries than the earlier month.

Li Auto delivered 25,787 automobiles in April, down 11% from March. Hong Kong-listed shares of the corporate had been nonetheless 3% increased.

Xpeng stated it delivered 9,393 EVs in April, up 4% from the prior month. BYD’s gross sales quantity for EVs was 313,245 in April, up 3.6% from March’s 302,459.

Hong Kong-listed shares of Xpeng jumped 7.5%, whereas these of BYD added 5%%.

Chinese language EV makers have been caught in a value conflict with their greatest rival, U.S. automaker Tesla, as competitors heats up in China, the world’s greatest car market.

Main EV makers throughout the board have been chopping costs at a time when native automakers are pushing to outsell Tesla with fancy tech and aggressive pricing.

Extra not too long ago, Tesla minimize the beginning value of its Mannequin 3 in China and different main markets, whereas Li Auto additionally diminished costs for a lot of its fashions.

Chinese language smartphone maker Xiaomi not too long ago joined the fray, and launched an electrical automobile in early April. The corporate priced the SU7 at about $4,000 much less than Tesla’s Mannequin 3. The corporate additionally claimed the brand new automobile would have an extended driving vary.

Simply final week, CEO Lei Jun stated its new EV is promoting higher than anticipated, and the corporate hopes to interrupt even prior to anticipated regardless of promoting it cheaper than Tesla’s Mannequin 3.

— CNBC’s Evelyn Cheng contributed to this story.