Li Auto December Deliveries to Exceed 20,000

Li Auto (NASDAQ: LI) held a media event on Friday at the 20th Guangzhou International Automobile Exhibition.

The Chinese electric vehicle firm said at the event that its plans to hold a dedicated launch event for Li L7, a five-seat flagship family SUV, on February 8, 2023.

But in more important news for the near term, Li Auto revealed that its December deliveries will exceed 20,000 vehicles, rising by around 5,000 from the 15,034 vehicles delivered in November. It would represent the first time the company has passed the 20,000 monthly delivery mark and another monthly record following November's result.

In November, the company's co-founder and president Yanan Shen stated: “We set another monthly record with 15,034 deliveries in November. In particular, Li L9 has been the sales champion of full-size SUVs in China for two consecutive months since it commenced delivery, establishing it as a top choice for six-seat full-size family SUVs in China.”

He added that following the start of deliveries in early November, Li Auto believes user satisfaction with the Li L8 has exceeded expectations.

Despite the update, Li Auto shares are down around 0.67% at the time of writing after a more than 5% gain on Thursday.

Earlier this month, CLSA analyst Aaron Li lowered the firm's price target on Li Auto to $31 from $49, maintaining a Buy rating on the stock following its third-quarter results. The analyst told investors in a note that the market is focusing more on profitability following the Fed's rate hikes, but he sees “strong momentum” for Li.