Li Auto Inc LI said it delivered 4,646 electric vehicles in November, which translates to a near 26% gain over October and 32.6% gain over September deliveries.
What Happened: The Chinese electric vehicle startup had delivered 3,692 units of their sole EV model, the Li One, in October and 3,504 units in September.
The Beijing-headquartered company said it produced 5,000 units of Li One and secured an “even higher number of new orders.”
So far this year, the Chinese automaker has delivered 26,498 units between January and November. It began producing Li One a year ago in the same month.
In Q3, the delivered vehicles amounted to 8,660, while in Q2 that number was 6,604 units.
Why It Matters: Meanwhile, fellow Chinese EV firm Xpeng Inc XPEV delivered 4,224 vehicles in the same month and clocked a 342% year-on-year gain in deliveries.
Nio Inc NIO delivery numbers spiked 109.3% year-on-year at 5,291 units.
Goldman Sachs analyst Fei Fang raised the price target on Li Auto to $60 from $20.60, and for Nio to $59 from $7.70.
The analyst said that EVs are likely to make up for 20% of new cars in China in 2025, upping his assumption from the earlier 13%.
By 2030, EV penetration in China is set to rise to 53% from earlier 37%. By 2050, such vehicles would account for 80% of new cars sold in the East Asian country, according to Fang.
Despite the strong delivery numbers, Nio and Xpeng shares both closed over 10% lower on Tuesday. Overall, Nio, Xpeng, and Li shares have rallied 117%, 138%, and 80%, respectively, over the past three months.
Price Action: Li Auto shares closed nearly 3.1% lower at $34.86 on Tuesday and fell 1.32% in the after-hours session.
Photo courtesy: Jengtingchen via Wikimedia
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