The Li Auto Inc (NASDAQ: LI) stock price has risen 103.9% since the year started, buoyed by positive investor sentiment despite the ongoing price war between EV manufacturers. The company remains the leading Chinese EV company since it has sold over 400,000 EVs nationwide.
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Other Chinese EV manufacturers such as Nio and XPeng lag behind Li Auto as the company delivered 34,134 vehicles in July 2023, representing a 227.5% increase year over year and surpassing the 30,000 mark for the second consecutive month.
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Nio delivered 20,462 vehicles in July 2023, representing an increase of 103.6% year-over-year. The deliveries consisted of 14,066 premium smart electric SUVs and 6,396 premium smart electric sedans. The company’s total deliveries to 31 July 2023 are 364,579 EVs.
Xpeng delivered 11,008 Smart EVs in July 2023, a 28% improvement over the previous month and marking its sixth consecutive month of delivery growth.
Xiang Li, the Chairman and CEO of Li Auto, commented: “As a preferred premium automotive brand for Chinese families, we successfully delivered our 400,000th vehicle in July, becoming the first emerging NEV manufacturer in China to achieve this milestone,” “Our three Li L series models achieved cumulative deliveries of over 200,000 vehicles since their successive launches beginning in June 2022. Li L series also consistently ranked as the top seller among SUVs priced above RMB300,000 in each month of the second quarter, establishing itself as a leader in China’s premium automotive market.”
The company has delivered over 50,000 Li L7s, its flagship five-seat family SUV, within five months of commencing deliveries. The EV manufacturer noted that it had increased the deliveries of its two six-seat SUVs, the Li L9 and Li L8, from approximately 12,000 in March this year to around 20,000 in July.
Li Auto attributed its solid performance to the strength of its products, which drove its success in a very competitive environment and led to higher sales. Finally, the EV company intends to roll out the Li Magic Carpet air suspension 2.0 through OTA later this month to improve the handling and suspension experience of its customers.
Li Auto stock price.
The Li Auto stock price has risen 103.91% since the year started. Will the uptrend continue?
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