Li Auto reports a big increase in Q1 deliveries

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Written on Apr 1, 2024

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Li Auto Inc delivered 80,400 vehicles in its first quarter.
Here's what its CEO Xiang Li said today in a press release.
Li Auto stock has lost nearly 35% in just over a month.

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Li Auto Inc (NASDAQ: LI) is in focus today after reporting a substantial year-on-year growth in deliveries for its first quarter.

Li Auto delivered over 80,000 vehicles in Q1

The EV maker based out of Beijing, China delivered a total of 80,400 vehicles in Q1 – up a whopping 52.9% versus a year ago.

Note that Li Auto had lowered its deliveries forecast last month to up to 78,000 vehicles versus 100,000 to 103,000 it had guided for earlier. Xiang Li – its chief executive said in a press release today:

Our unwavering commitment remains focused on maximising user value and continuously improving the strength and user experience of our products.

Shares of the electric vehicles company have lost about 35% in just over a month.

Wall Street currently rates $LI at ‘buy’

Li Auto delivered close to 29,000 vehicles in March alone that made it the only Chinese EV company to have hit 700,000 deliveries in total so far.

On a quarter over quarter basis, the Nasdaq-listed firm saw its first-quarter deliveries come in up 39% on Monday. $LI currently has a footprint of 474 retail stores located in 142 cities. It has set up 357 supercharging stations (nationwide) and 1,544 charging stalls.

What Li Auto reported today signals continued demand for its vehicles. Wall Street currently has a consensus “buy” rating on Li Auto stock.

Also today, peer Tesla Inc raised the price of its Model Y in the United States by about $1,000.