What Happened With Tesla's Chinese Rival Li Auto Shares Today?

Li Auto Inc. LI experienced a rise in its stock price today, buoyed by gains in Chinese EV stocks amid positive market sentiment. This follows multiple companies in the sector announcing their delivery figures earlier this week.

Meanwhile, Li Auto has reportedly enhanced its car purchase incentives to boost sales, CnEV Post reported.

Until July 15, buyers of any Li Auto model can enjoy up to approximately RMB17,000 in benefits and opt for a zero down payment. Li Auto announced these incentives to commemorate its ninth anniversary.

Currently, the company offers the L-series of extended-range electric vehicle (EREV) models—Li L6, Li L7, Li L8, Li L9—and the all-electric Li Mega MPV (multi-purpose vehicle).

Also Read: Ford Reports Q2 Sales Growth: Trucks Up 5%, EVs Surge 61%, Trails Tesla In Volume

Li Auto introduced a new 0 down payment option, boasting an annualized interest rate as low as 2.5% and highlighting that costs to consumers could be as little as RMB154 per day.

In December last year, Li Auto achieved a milestone with a record-breaking 50,353 vehicle deliveries in a single month. However, after launching the Li Mega on March 1, the company experienced a sharp decline, delivering fewer than 30,000 units in both March and April.

During the second quarter, Li Auto saw a 25.5% increase in year-on-year vehicle deliveries, totaling 108,581 units, marking a 35% rise from the first quarter.

Currently, Li Auto is expanding its charging infrastructure in preparation for the launch of more Battery Electric Vehicles (BEVs) next year, CnEV Post added.

Related: Tesla Stock Soars On Q2 Delivery Beat: Chart Signals Strong Bullish Momentum

As of now, the company operates 618 supercharging stations with around 3,000 charging piles. It aims to increase these numbers to more than 2,000 stations by the end of this year and 5,000 by the end of 2025.

Originally planned for later this year, Li Auto has postponed the launch of three additional BEV models to the first half of next year, the report added.

Price Action: LI shares closed higher by 6.53% to $20.72 on Wednesday.

Image via Shutterstock

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