Chinese electric vehicle maker Li Auto Inc LI on Thursday reported a jump in quarterly deliveries helped by strong demand for its six-seat, large premium electric SUV Li One, its only vehicle on sale currently.
What Happened: Li Auto’s quarterly deliveries soared 166.1% to 17,575 vehicles compared with a year ago — a newly monthly record. Deliveries rose 39.7% on a sequential basis.
Li Auto’s quarterly boost came in June when it delivered 7,713 Li One’s, comprising nearly 44% of the total deliveries in the second quarter.
Li One is the company’s first model that went on sale in November 2019. Beyond Li One, the electric vehicle maker aims to launch more electric vehicles.
In comparison, Nio Inc NIO, reported a 111.9% year-over-year jump to 21,896 electric vehicles in the second quarter. Peer XPeng Inc XPEV delivered a 439% jump in second-quarter deliveries, with 17,398 vehicles.
Why It Matters: The competition in the Chinese electric vehicle space is set to intensify further as players set the stage for new models and overseas expansion. Already, with just one model on sale, Li Auto’s second quarterly performance is neck-to-neck with rivals that have a larger portfolio on sale.
Price Action: Li Auto shares closed 0.72% lower at $34.69 on Thursday.
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