Xpeng shares jumped as much as 6% in premarket trading in New York, after the Chinese electric vehicle upstart reported first quarter earnings that were ahead of expectations.

The stock had pared gains to rise 5.23% at 12:44 p.m. London time.

Here’s how Xpeng did in the first quarter versus LSEG estimates:

Revenue: 15.81 billion Chinese yuan ($2.18 billion), up 141.5% year-on-year and comparing with 15.1 billion yuan expected.

Net loss: 660 million yuan, versus a 1.4 billion yuan loss expected and down from 1.37 billion yuan last year.

Xpeng said it anticipates second-quarter revenue will come in between 17.5 billion yuan and 18.7 billion yuan, which also surpassed consensus estimates.

The Guangzhou-headquartered firm also said it expects to deliver between 102,000 and 108,000 of its electric cars in the second quarter of this year, representing a year-over-year increase of around 237.7% to 257.5%.

Xpeng delivered 94,008 in the first three months of this year.

The company contended with a difficult 2023, when it faced slowing growth and mounting losses because of rising competition in China’s electric vehicle market and increasing economic uncertainty in its home market.

But the company has been aggressive with new products, launching a mass market car last year and a refreshed version of its flagship X9 in April in 2025, helping to improve its fortunes over the last 18 months or so.

That, along with strong deliveries this year, has helped fuel a 66% year-to-date rally in its share price, which has finally helped lift its stock above the $15 per share price that it went public with in 2020. Still, the stock is well off its record high of more than $70 per share.

Xpeng is now facing an even bigger raft of competition from new entrants like Xiaomi and from incumbents like BYD.

Still, the company is maintaining momentum. Xpeng delivered 35,045 electric vehicles in April, sustaining its record of putting out more than 30,000 vehicles for the sixth consecutive month.