The Li Auto Inc (NASDAQ: LI) stock price edged 3% higher after revealing that it had delivered 25,681 vehicles in April 2023, marking the second consecutive month that the company’s deliveries had exceeded the 20,000 mark.
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Li Auto’s deliveries were not unique since many other Chinese EV companies reported an improvement in their April deliveries. For example, NIO delivered 6,658 vehicles in April, while XPeng delivered 7,079 smart electric vehicles in April. However, I did not have BYD’s and Tesla’s delivery figures at pixel time.
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Competition within the EV market has heated up in recent months, with Tesla’s still holding the crown of the largest EV manufacturer globally. Still, the company has faced stiff competition from Chinese EV companies led by BYD, which has a similar production capacity to Tesla.
Tesla has been cutting prices across its range of EVs forcing other firms, including Li Auto, to lower prices to compete with the market leaders. Analysts are worried that the price cuts will lead to a downward spiral that wipes the profit margins of most EV manufacturers.
Xiang Li, Li Auto’s chairman and CEO, commented: “We are pleased to have delivered over 10,000 Li L7s in its first full month of deliveries, establishing the vehicle as a preferred choice among five-seat premium SUVs for Chinese families while marking the first time a Chinese branded five-seat SUV priced above RMB300,000 has achieved this monthly delivery milestone. We are also proud to have captured leading shares in both China’s NEV and SUV markets in the price segment above RMB300,000 in the first quarter of 2023. ”
Li Auto unveiled its autonomous driving and BEV roadmap during the Auto Shanghai 2023 and expects to release the city NOA for beta testing in Li AD MAx 3.0 in Q2. The company aims to have rolled out the technology in 100 cities nationwide by the end of 2023.
The company also introduced its 800-volt fast-charging solution through the development of EREVs and HPC BEVs. Li Auto intends to have one super flagship vehicle, five HPC BEVs, and five EREVs by 2025.
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Li Auto stock price.
The Li Auto stock price was trading up 3.06% at $24.22, rising from Friday’s closing price of $23.50.
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