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 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%.
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