Why Is Li Auto Stock Shooting Higher Today?

Li Auto Inc LI shares are trading higher after the company delivered 28,984 vehicles in March 2024, up 39.2% year-over-year.

The latest data means that the company’s first-quarter deliveries have increased 52.9% Y/Y to 80,400.

In late March, citing lower-than-expected order intake, the company lowered its vehicle deliveries for the first quarter of 2024 to 76,000-78,000 vehicles, down from the previous vehicle delivery outlook of 100,000-103,000 vehicles.

The cumulative deliveries of Li Auto vehicles reached 713,764 as of the end of March 2024, establishing Li Auto as the first Chinese emerging new energy automaker to reach a milestone of 700,000 cumulative deliveries, as per the company’s statement.

As of March 31, 2024, the company had 474 retail stores in 142 cities, as well as 356 servicing centers and Li Auto-authorized body and paint shops operating in 209 cities. 

Also Read: Tesla Q1 Worries Mount, Fisker’s Pricing Ploy To Stay Alive, Nikola Stock Soars By 57% And More: Biggest EV Stories Of The Week

Price Action: LI shares are trading higher by 4.23% at $31.56 in premarket on the last check Monday.

Image Via Shutterstock