Shares of Contemporary Amperex Technology (CATL) (HK:3750) (SZ:300750) surged to a record high on Thursday after the company reported strong first-quarter earnings, driven by robust demand for electric vehicle batteries.

CATL posted a 52.5% year-on-year rise in revenue to 129.1 billion yuan ($18.93 billion), while net profit attributable to shareholders climbed 48.5% to 20.7 billion yuan.

Hong Kong-listed shares of the company jumped over 10% to hit a record high of HK$724.50.

Shenzhen-listed CATL shares also reached all-time highs, jumping as much as 7% to 460 yuan.

The world’s largest EV battery maker, which supplies major automakers including Tesla Inc (NASDAQ:TSLA), said growth was supported by expansion in its core business and sustained global demand for electrification.

Operating profit rose to 26.7 billion yuan, while earnings per share increased to 4.58 yuan from 3.18 yuan a year earlier.