Xpeng Inc shares surged to their highest level in eight months, amid growing optimism over the Chinese electric carmaker’s progress in technologies including humanoid robots.

The Hong Kong-listed shares rose as much as 15 percent on Tuesday, to the highest intraday level since March. The American depositary receipts surged 16 percent on Monday, buoyed by broad gains in the market.

READ MORE: China's EV manufacturer XPeng views HK as a strategic hub for expansion overseas

The company’s recent showcase of cutting-edge technologies — from its IRON humanoid robot to robotaxis — has fueled investor enthusiasm about its potential beyond traditional electric vehicles. While these innovations have yet to translate into near-term earnings gains, they are reshaping market perceptions of Xpeng’s valuation.

“Xpeng can expand into new verticals beyond its core battery electric vehicle business including extended-range electric vehicles, robotaxis, electric vertical take-off and landing aircraft, humanoid robotics and artificial intelligence semis,” said Eugene Hsiao, head of China equity strategy at Macquarie Capital Ltd. “Investors have started to factor in the potential upside optionality if one of these bets succeed.”

Xpeng shares have risen more than 120 percent so far this year, beating rivals Nio Inc’s 57 percent gain and Li Auto Inc’s 15 percent drop.