Nio, XPeng jump 7% after announcing 'robust' 1st quarter deliveries despite chip shortage

• Shares of Nio and XPeng both jumped 7% on Thursday after reporting "robust" first-quarter delivery figures.
• Nio saw a 423% year-over-year increase in first-quarter deliveries, while XPeng recorded growth of 487% over the same time period.
• The strong delivery figures come even as semiconductor chip shortages idle production lines of numerous auto manufacturers.

Shares of China-based electric vehicle manufacturers Nio and Xpeng both jumped as much as 7% on Thursday after they reported their first-quarter delivery figures.

Nio delivered 20,060 vehicles in the first quarter, representing a new quarterly record and year-over-year growth of 423%. The company delivered 7,257 vehicles in the month of March. The bulk of the deliveries were for its ES6, a 5-seater premium SUV.

Since launching its electric-vehicle line-up in 2018, Nio has seen cumulative deliveries of 95,701.

XPeng also recorded eye-popping growth figures in the first quarter. The company delivered 13,340 vehicles in the first quarter, representing year-over-year growth of 487%.

XPeng's deliveries could grow even stronger in the upcoming quarters as it unveils its third production model in the second quarter, with deliveries planned in the fourth quarter, according to the company.

According to Wedbush analyst Dan Ives, the first-quarter deliveries for Nio and XPeng were "robust" and beat Wall Street estimates. Even more impressive were the firms ability to deliver strong growth in the first quarter despite semiconductor chip shortages that have halted production lines for numerous auto manufacturers, including Nio and Ford.

Now, all eyes in the EV space are on Tesla, which is set to announce its first-quarter delivery figures within the next 24 hours.

Boosted by Biden's green energy plan and strong consumer demand for electric vehicles, "we continue to believe EV stocks move 30% to 40% higher the rest of the year as the Street further digests this transformational growth on the horizon," Ives said.