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The transition towards an electric future is here to stay and the electric vehicle megatrend is gaining traction again.
Shares of both Nio Inc. and Li Auto Inc. looked to open lower Tuesday after the China-based electric-vehicle makers reported August deliveries that rose from a year ago but fell from the prior month.
Just months ago, Chinese electric vehicle (EV) manufacturer Li Auto Inc. NASDAQ: LI stood out among competitors like Xpeng Inc. NYSE: XPEV and Nio Inc. NYSE: NIO as a rare profitable maker of new energy vehicles with a stock price that reflected its dominance at over $46 per share in late February. Its leadership in the premium SUV space and focus on production and marketing efficiency with a small number of models contributed to the longevity of Li's share price success, even as rival EV maker stocks floundered.
Tesla archrival BYD is expected to report August sales of about 400,000. Nio, Li Auto and XPeng deliveries should be solid.
The Chinese EV maker was a study in contrasts as the trading week approached its end. It was a popular item on Thursday, in sharp contrast to its Wednesday sell-off.
LI reports a year-over-year decline in second-quarter earnings due to rising costs associated with ramping up production of the new Li L6 and price reductions.
Li Auto's Q2 earnings show recovery with a 1.5% operating profit and increased inventory turnover, despite earlier setbacks and a 50% stock price drop. The company regained its top spot in Chinese new energy SUV sales, surpassing Tesla in unit sales in July 2024. Despite competition from AITO, BYD, and Tesla, Li's strong execution, autonomous driving tech, and market position justify upgrading the rating to strong buy.
CNBC's Phil LeBeau joins 'Power Lunch' to discuss the shares tumble of Chinese EV automakers.
American depositary receipts (ADRs) of Li Auto (LI) cratered Wednesday after the Chinese electric vehicle (EV) manufacturer's profit sank on higher costs and price cuts as slumping EV demand increased competition.
Li Auto unit sales grew faster than revenue, and that raised a yellow flag for investors. The company recently launched its first fully electric EV.