By Dhirendra Tripathi

Investing.com – Tesla stock (NASDAQ:) stock jumped 6.8% in Monday’s pre-market trading after beating Q4 delivery estimates, while stocks and ADRs of Chinese rivals gained as well as their latest sales numbers reflected strong demand for EVs (electric vehicles).

Tesla sold 308,600 units in the fourth quarter. That’s more than what analysts had predicted of 263,026 cars.

The October-December delivery volumes were almost 70% higher than a year ago and 30% more than the record quarter.

The full-year production and delivery of 930,422 vehicles was the result.

These volumes are notable because they were made at a time in which the automotive industry is facing severe shortages, especially of semiconductors. Tesla’s ability to overcome the shortages and service the demand has also received praise from investors, boosting the share price.

The pre-market was also a good market for Chinese competitors. Stocks of Xpeng (NYSE) were up 2.9%, while those of Nio ADRs rose 2.3%. Li Auto (NASDAQ) rose 2.6%

XPeng’s total deliveries for the fourth quarter reached 41,751 units, a 222% increase year-over-year. The company said its P5 smart family sedans have a “solid order backlog”.

Nio was a small rival and delivered record 25,034 cars in December’s three-month period. That is an increase over 44% from the previous year. It stated it expected to commence delivery of its flagship smart electric sedan, the ET7 in March.

Li Auto shipped 35,221 vehicles during the December quarter. This is an increase of over 143% from last year.