new-recommended-broker-banner new-recommended-broker-banner

Li Auto Share Price Explodes Higher on Record Quarter

Updated: 13 Nov 2020

Shares of Li Auto (NASDAQ: LI) exploded 63% in the last 24 hours as the company posted a new quarterly record for car deliveries.

Li Auto reported revenue of RMB2.46 billion (US$363.0 million), which is slightly lower than RMB2.46 billion expected from the market. Li Auto, formerly known as Li Xiang, delivered 8,660 Li ONEs model in the third quarter of 2020, which represents a 31.1% quarter-over-quarter increase.

“This is our first quarterly earnings release as a public company, and we are pleased to announce robust third quarter results reflecting not only our strong growth momentum driven by the outstanding value proposition of our products, but also our relentless pursuit of operating efficiencies,” Mr. Xiang Li, founder, chairman and chief executive officer of Li Auto, said.

As of September 30, the company had 35 retail stores covering 30 cities, it is said in the statement.

Li Auto share price explodes on high delivery numbers November 2020

Li Auto share price initially soared 27.27% yesterday to record a new all-time high at $32.78. After the Q3 report was closed, the buyers forced the price action to trade at $40.90 in pre-open Friday totalling 24-hour gains to over 60%.

PEOPLE WHO READ THIS ALSO VIEWED:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .