Why Li Auto Stock Is Up Today

Li Auto Inc. LI shares are trading higher Tuesday following strong July delivery data.

What To Know: The company announced that it delivered 34,134 vehicles in July 2023, representing an increase of 227.5% year over year. The figure exceeded the 30,000 mark for the second consecutive month. As of the end of July, the cumulative deliveries of Li Auto vehicles in 2023 reached 173,251.

"As a preferred premium automotive brand for Chinese families, we successfully delivered our 400,000th vehicle in July, becoming the first emerging NEV manufacturer in China to achieve this milestone," said Xiang Li, chairman and CEO of Li Auto.

Nio NIO and Xpeng XPEV also reported deliveries Tuesday. Nio reported 20,462 vehicles delivered last month, a 103.6% rise year-over-year, while Xpeng delivered 11,008 EVs in July, a 28% increase over the prior month.

Li Auto is also set to report second quarter earnings on Aug. 8. The company is expected to report earnings of 12 cents per share and revenue of $3.70 billion.

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LI Price Action: Shares of LI were up 3.70% at $44.39 at the time of publication, according to Benzinga Pro.

Image by John Howard from Pixabay