Li Auto Shares Gain on Strong L6 Orders
By Jiahui Huang
Li Auto shares rose sharply after the Chinese electric-vehicle maker posted strong orders for its first model priced under 300,000 yuan, or equivalent of nearly $41,452.
Shares of the plug-in hybrid specialist were 8.1% higher at 119.90 Hong Kong dollars (US$15.35) early Monday, marking a sixth consecutive session of gains.
The rise came after Li Auto said Saturday that orders of its L6 model reached 30,000 units since its launch on April 18. Sentiment was further buoyed by a mid-morning update Monday that the number had risen further to 41,000.
The orders of the L6, Li Auto's newest model, helped investors look past the company's lackluster April deliveries, which expanded at the lowest rate in almost two years, analysts said.
Citi analyst Jeff Chung described the May order numbers as strong, with orders so far setting the stage for a potential acceleration in demand this month. He kept a buy rating on the shares.
Huawei-backed Seres Group, one of Li Auto's main rivals, over the weekend reported April sales of 27,868 units of electric vehicles and plug-in hybrid cars. Among them, 24,878 were Seres-branded cars, fewer than Li Auto's 25,787 vehicles. Seres shares were 2.0% higher in Shanghai trading.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
May 06, 2024 00:29 ET (04:29 GMT)
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