Li Auto's April EV Deliveries Jump 111%
Chinese electric vehicle manufacturer Li Auto (LI) delivered 5,539 LI ONE SUVs for the month of April. This reflects year-on-year growth of about 111% and takes the total number of Read More... The post Li Auto's April EV Deliveries Jump 111% appeared first on TipRanks Financial Blog.
Chinese electric vehicle manufacturer Li Auto () delivered 5,539 LI ONE SUVs for the month of April. This reflects year-on-year growth of about 111% and takes the total number of EVs delivered by the company so far this year to 51,575.
Li Auto noted that it reached the milestone of 50,000 deliveries in just 17 months after the launch of the first LI ONE in December 2019, and that this is the "fastest record among all new energy vehicle companies."
Further, banking on the popularity of LI ONE, the company expects to gain more share of the EV market.
Currently, Li Auto has a presence in 53 cities with 73 retail stores. It has 143 servicing centers and authorized body and paint shops across 105 cities. (See Li Auto stock analysis on TipRanks)
Li Auto plans to enhance its direct sales and servicing network while also launching new models including BEVs and EREVs that will help the company expand its customer base.
Recently, Needham analyst Vincent Yu initiated coverage on Li Auto with a Buy rating and a $37 price target (87.4% upside potential).
Yu believes Li Auto’s “unique value proposition, focused strategy, and diligent margin and costs control, make it a quality asset in the growing EV space.”
Based on 3 unanimous Buys, the consensus rating for Li Auto is a Strong Buy alongside an average analyst price target of $36.67 (85.8% upside potential). Shares have dropped about 22.2% over the past month.
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