The U.S. capital markets are closed today in observance of Good Friday but that didn’t stop top electric vehicle firms from making some news.
Both Li Auto (Nasdaq: LI and Tesla (Nasdaq TSLA) just posted strong vehicle delivery figures for the first quarter.
Elon Musk's electric vehicle empire said that it delivered 184,800 cars for the first three months of the year--well ahead of the FactSet consensus of 168,000. Some of those included deliveries of its new China-made Model Y.
"We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity," Tesla said in a statement today.
Further, "The new Model S and Model X have also been exceptionally well received, with the new equipment installed and tested in Q1 and we are in the early stages of ramping production."
Currently, Tesla manufactures its Model 3 and Ys at its Shanghai factory, while making its Model S and Xs at its Fremont, California plant.
As for Li Auto, the Beijing-based company just has one production model, the Li ONE. In the first quarter, Li Auto delivered 12,579 cars, up 334% year over year. For March, Li delivered 4,900 cars, a 239% increase from the same month a year ago.
“In response to robust demand for Li ONEs and in anticipation of new model launches in 2022 and beyond, Li Auto plans to further bolster its direct sales and servicing network,” Li said in a statement today.
This has been a solid week so far for EV stocks despite the high volatility in the past month or so. On Thursday, Chinese EV giants XPeng (NYSE: XPEV) and Nio (NYSE: NIO) posted strong deliveries of their own, with deliveries surging 487% and 423% year-over-year respectively for the first quarter.
Also, EV stocks have been gaining on President Joe Biden’s $2 trillion infrastructure plan, which includes funding in hopes “to win the EV market.”
“We continue to believe EV stocks move 30% to 40% higher the rest of the year as the Street further digests this transformational growth on the horizon," Wedbush analyst Dan Ives said, as cited by Market Insider on Thursday.
Ives currently rates Tesla’s shares as a hold with a $950 price target, representing 44% upside. He does not cover Nio, XPeng, or Li Auto.