Li Auto's February deliveries nearly double year-over-year as Tesla Rival eyes first-quarter target
Chinese electric vehicle startup Li Auto, Inc. LI reported February deliveries that increased both year-over-year and sequentially. The stock has seen some rebound this week after announcing better than expected quarterly results.
What happened: The Beijing-based company announced shipments of 16,620 units in February, representing a 97.5% year-on-year increase another and quarterly growth of 35.5%.
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"As a premium SUV brand for families, we have further enriched our L-series and once again consolidated our market position in the 300,000 price segment. at 500,000 RMB," the company said. said in a statement.
The company officially launched its Li L7, a five-seat flagship family SUV, on February 8 and delivered the Li L7 to its first users in early March.
"As the latest addition to the Li L8 family, Li L8 Air has not only expanded the options available to family users, but more importantly, has also enhanced Li's competitiveness L8 in the 300,000 RMB for 400,000 RMB six-seat SUV market.In addition, our flagship six-seat family SUV, the Li L9, has topped the full-size SUV sales chart in China for five consecutive months since last September,” said Xiang Li, Chairman and CEO of Li Auto.
Why it matters: Earlier this week the company said in its fourth quarter earnings report that it expects deliveries of 52,000 and 55,000 vehicles , which represents a growth of 64 to 73%. Cumulative deliveries for January and February were 28,888, leaving the company to deliver around 26,000 cars in March to meet its forecast.
Li Auto competes with Tesla in the latter's key Chinese market.
Read next: Tesla takes the crown and ends Ford's 12-year reign of brand loyalty for vehicle marque
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Chinese electric vehicle startup Li Auto, Inc. LI reported February deliveries that increased both year-over-year and sequentially. The stock has seen some rebound this week after announcing better than expected quarterly results.
What happened: The Beijing-based company announced shipments of 16,620 units in February, representing a 97.5% year-on-year increase another and quarterly growth of 35.5%.
See also: Best EV Stocks
"As a premium SUV brand for families, we have further enriched our L-series and once again consolidated our market position in the 300,000 price segment. at 500,000 RMB," the company said. said in a statement.
The company officially launched its Li L7, a five-seat flagship family SUV, on February 8 and delivered the Li L7 to its first users in early March.
"As the latest addition to the Li L8 family, Li L8 Air has not only expanded the options available to family users, but more importantly, has also enhanced Li's competitiveness L8 in the 300,000 RMB for 400,000 RMB six-seat SUV market.In addition, our flagship six-seat family SUV, the Li L9, has topped the full-size SUV sales chart in China for five consecutive months since last September,” said Xiang Li, Chairman and CEO of Li Auto.
Why it matters: Earlier this week the company said in its fourth quarter earnings report that it expects deliveries of 52,000 and 55,000 vehicles , which represents a growth of 64 to 73%. Cumulative deliveries for January and February were 28,888, leaving the company to deliver around 26,000 cars in March to meet its forecast.
Li Auto competes with Tesla in the latter's key Chinese market.
Read next: Tesla takes the crown and ends Ford's 12-year reign of brand loyalty for vehicle marque
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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