What's Going On With Chinese EV-Maker Li Auto's Stock Today?

Li Auto Inc LI reported delivery of 25,787 vehicles in April 2024, up 0.4% year over year. 

This is an 11% decrease from the 28,984 vehicles delivered in March. Li’s first-quarter deliveries jumped 52.9% Y/Y to 80,400.

The cumulative deliveries of Li Auto vehicles reached 739,551 as of the end of April.

“Li L6, our first model priced under RMB300,000, has garnered widespread popularity among young families following its April debut. We will commence large-scale deliveries in May,” said Chairman and CEO Xiang Li.

Li L6 is a premium large SUV with a length of 4,925 millimeters, width of 1,960 millimeters, height of 1,735 millimeters, and wheelbase of 2,920 millimeters.

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The company had recently announced a price cut of approximately 5% on its L7, Li L8, Li L9, and Li MEGA models. 

In addition, Li would also offer cash refunds to owners who had bought those models earlier in 2024. 

During the May Day holiday period, the company plans to provide users with complimentary charging services and cover the electricity costs at all its super charging stations.

As of April-end, the company had 481 retail stores in 144 cities, as well as 361 servicing centers and Li Auto-authorized body and paint shops operating in 210 cities. 

So far, 386 super charging stations have commenced operation across the country. Li Auto stock has gained more than 11% in the last 12 months. 

Price Action: LI shares are trading lower by 1.26% at $25.95 in premarket at the last check Wednesday.

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