Chinese electric car maker Xpeng saw its forecast for earnings savings and second-quarter revenue expectations on Thursday on more than 10% of its stocks.

Its shares soared as much as 10.2% to HK$85.50 ($10.86), and finally traded 7% higher, bringing the first growth to 78% in the year.

The Guangzhou-based automaker's first-quarter revenue more than doubled its sales a year ago.

Xpeng said it delivered 94,008 vehicles in the first three months of the year, more than four times the sales of the same period last year.

This improved top line narrowed its first-quarter net loss to RMB 664 million, up from RMB 1.37 billion a year ago, and increased its gross margin to 15.6% from 12.9% a year ago.

The company is a key player in China's overcompetitive electric vehicle market, but has been working to shift profits due to growing competition and slow domestic demand.

Analysts generally expect Xpeng to be profitable in the fourth quarter of this year, thanks to its strong sales momentum and new models’ channels.

The company has launched several new products, including the mass-market brand Mona last August and the new flagship X9, which includes an advanced autonomous driving system.

The automaker said it aims to start mass production of vehicles equipped with Level 3 autonomous driving capabilities in China by the end of the year, a major upgrade from the current more common Level 2 system.

Xpeng said in the second quarter, according to data compiled by LSEG, the estimated revenue was RMB 17.5 billion to RMB 18.7 billion, while the consensus forecast was RMB 17.2 billion.

It is expected to deliver 102,000 and 108,000 electric vehicles in the second quarter, up about 237.7% to 257.5% from the same period last year.

Optimistic money-making forecasts boost investor sentiment, pushing XPeng listed stocks up 13% higher and closing at $22.25, powering more than 88% of annual gatherings. According to LSEG data, its record still surpassed the $72 record in November 2020.

Competitor Byd has surged in Hong Kong by more than 74% so far this year, while Nio has lost more than 11%.

- Arjun Kharpal of CNBC contributed to this story.