NIO Inc NIO and XPeng Inc XPEV shares are moving higher Monday in sympathy with shares of Li Auto Inc LI, which popped after the company reported better-than-expected results and issued strong guidance.
- LI Q4 Revenue: $2.56 billion beat estimates of $2.55 billion
- LI Q4 EPS: $0.13 beat estimates of $0.02
Li Auto said fourth-quarter deliveries totaled 46,318, representing a 31.5% increase year-over-year.
"We were pleased to conclude 2022 with strong performance in the fourth quarter despite ongoing macro uncertainties," said Tie Li, CFO of Li Auto.
"With sustained R&D investment and business expansion supported by our strong cashflow and ample cash reserves, we continue to be excited about our growth trajectory as a leader in China's booming NEV market."
Related Link: Why Li Auto Shares Are Racing Higher Monday Morning
In January, the company delivered 15,141 vehicles, representing an increase of 23.4% compared to January of 2022.
Li Auto said it sees first-quarter revenue in a range of $2.53 billion to $2.68 billion. The company expects to deliver between 52,000 and 56,000 vehicles in the first quarter.
Nio, XPeng and Li Auto all design, develop, manufacture and market electric vehicles in China.
NIO, XPEV Price Action: Nio shares were up 3.12% at $9.59 and XPeng shares were up 5.12% at $8.83 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Nio.
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