Li Auto Shares Rise After Strong Jump In Vehicle Sales
Nov 29, 2021 By MarketDepth
Li Auto Inc. (NASDAQ: LI) stock is up about 10% after the Chinese electric vehicle manufacture announced its unaudited financial results for the quarter ended September 30, 2021.
Over 200% Increase in Revenue
The Company reported revenues were RMB7.78 billion (US$1.21 billion) in the third quarter of 2021, representing an increase of 209.7% from RMB2.51 billion in the third quarter of 2020 and an increase of 54.3% from RMB5.04 billion in the second quarter of 2021. Vehicle sales were up to RMB7.39 billion (US$1.15 billion), which represents a an increase of 199.7% from the same quarter last year.
“Amidst the industry-wide chip supply shortage, we delivered 25,116 vehicles during the third quarter, growing 190.0% year over year and recording a new quarterly high, highlighting once again the compelling appeal of our 2021 Li ONE to family users. To mitigate on-going supply chain risks, we will continue to find solutions together with our supply chain partners. In light of our strong order intake and users’ rising acceptance of smart electric vehicles, we remain as enthusiastic as ever about our growth prospects. With the tremendous opportunities that lay ahead, we are committed to deploying more R&D capital to drive parallel development in EREVs and BEVs and advancements in smart cockpit and ADAS technologies. Meanwhile, we will further increase our production capacity through the addition of the Beijing manufacturing base, and consistently expand our sales and servicing network to prepare our business growth.”Mr. Xiang Li, founder, chairman, and chief executive officer of Li Auto
In October 2021, the Company delivered 7,649 Li ONEs, representing a 107.2% increase from October 2020. As of October 31, 2021, the Company had 162 retail stores covering 86 cities, in addition to 223 servicing centers and Li Auto-authorized body and paint shops operating in 165 cities.
Li Auto Inc., through its subsidiaries, designs, develops, manufactures, and sells smart electric sport utility vehicles (SUVs) in China. It offers Li ONE, a six-seat electric SUV that equipped with a range of extension system and smart vehicle solutions.