Chinese electric vehicle startup Li Auto, Inc. LI reported February deliveries that increased both year-over-year and sequentially. The stock has seen some upward bounce this week after it announced better-than-expected quarterly results.
What Happened: The Beijing-based company reported February deliveries of 16,620 units, representing a 97.5% year-over-year increase and 35.5% quarterly growth.
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“As a go-to premium SUV brand for families, we further enriched our L series and once again solidified our market position in the RMB300,000 to RMB500,000 price segment,” the company said in a statement.
The company officially launched its Li L7, a five-seat flagship family SUV, on Feb. 8 and to deliver Li L7 to its first users in early March.
“As the latest addition to the Li L8 family, Li L8 Air has not only expanded the options available to family users but, more importantly, also strengthened Li L8’s competitiveness in the RMB300,000 to RMB400,000 six-seat SUV market. Furthermore, our six-seat flagship family SUV, Li L9, has topped the full-size SUV sales chart in China for five consecutive months since last September,” said Xiang Li, chairman and CEO of Li Auto.
Why It’s Important: Earlier this week, the company said in its fourth-quarter earnings report that it expects deliveries of 52,000 and 55,000 vehicles, representing 64-73% growth. Cumulate deliveries for January and February were 28,888, leaving the company to deliver about 26,000 cars in March to meet its guidance.
Li Auto competes with the likes of Tesla in the latter’s key Chinese market.
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Image and article originally from www.benzinga.com. Read the original article here.