Li Auto (NASDAQ: LI) shares declined Thursday after the company released its November delivery report, topping last month’s numbers and setting a monthly record.
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The company also came in above rivals NIO and XPeng, reporting November deliveries of 15,034 vehicles, a record-high monthly number, and an 11.5% increase year-over-year. NIO’s deliveries for November came in at 14,178, while XPeng’s were 5,811.
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In October, Li Auto delivered 10,052 vehicles.
“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,” said Yanan Shen, co-founder, and president of Li Auto.
“We believe that users’ satisfaction for Li L8 has exceeded their expectations since it commenced delivery in early November. Its deliveries and Li L9’s proven success have solidified our market position in the RMB300,000 to RMB500,000 price segment,” he added.
Even so, Li Auto shares are down over 3% premarket, following Wednesday’s 18% rise. The stock is down 33% in 2022 but has managed to claw back some gains in the last month.
According to TipRanks, five out of five analysts have a Buy rating on Li Auto, with the average price target of $31.13 representing a potential 41.5% upside.
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