EV maker Li Auto, Inc. (NASDAQ: LI) delivered 8,414 Li ONEs in the month of February. The number reflects a year-over-year rise of 265.8%. Since the launch of the SUV, the company has delivered 144,770 units.
Yanan Shen, the President of Li Auto, said, “During the Chinese New Year, our users enjoyed range-anxiety-free and pleasant family time, thanks to Li ONE’s range extension system that uses battery power for urban commuting and recharges during long-distance traveling. The combination of this system with the full-stack, self-developed NOA as part of Li ONE’s standard configuration creates a safer and more convenient driving experience and offers superior suitability for long-distance family travel.”
“At the same time, the holiday season and an outbreak of the pandemic in Suzhou have resulted in supply shortages and affected our production. We are taking additional measures to ensure supply and safeguard production, aiming to shorten the waiting time of delivery to our users,” Shen added.
About Li Auto
Headquartered in Beijing, Li Auto designs, develops, manufactures, and sells premium, smart electric vehicles. It has 220 retail stores in 105 cities as well as 279 service centers and Li Auto-authorized body and paint shops in 204 cities.
Shares of the company closed 9.2% higher on Monday. However, the stock was trading 0.5% down in the pre-market session on Tuesday at the time of writing.
Analysts’ Take
On February 28, Barclays (NYSE: BCS) analyst Jiong Shao maintained a Buy rating on Li Auto and raised the price target to $40 from $38 (31.4% upside potential).
Additionally, Ming Hsun Lee of Bank of America Securities reiterated a Buy rating on the stock and increased the price target from $39 to $41 (34.7% upside potential).
Based on eight unanimous Buys, Li Auto has a Strong Buy consensus rating. The average LI price target of $48.14 implies 58.1% upside potential from current levels. Shares have gained 17.8% over the past year.
Hedge Fund Trading Activity
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in LI is currently Very Positive, as the cumulative change in holdings across all four hedge funds that were active in the last quarter was an increase of 7.5 million shares.
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