Shares in Li Auto (Nasdaq: LI) rose as much as 5% in early trading Wednesday after it posted its vehicle deliveries for May.
The Beijing-based electric vehicle maker said in a statement today that it delivered a total of 4,323 Li ONEs, up 101% year-over-year. Late last month, the company unveiled a new version of its only production model, the Li ONE. Li said it would start delivering the new version of the SUV, which features enhanced driving assistant perks and additional per-charge distance, on June 1.
“We are pleased to see our 2021 Li ONE, released on May 25, receive very positive feedback and strong recognition from our users demonstrated by the robust order inflow that took the total orders in May to a record high,” Yanan Shen, co-founder, and president of Li Auto said.
“Deliveries of the 2021 Li ONE, the first vehicle in the world with a full-stack self-developed NOA in a standard configuration, have already started.”
Also, Shen said the company expects total deliveries in the second quarter to exceed the top end of its guidance range, “and keep rising going forward.” In its latest financial report, Li forecasted to deliver in the range of 14,500 and 15,500 vehicles for the second quarter.
The stock gained today despite Li delivering fewer vehicles in May versus the previous month. In April, Li delivered 5,539 vehicles, significantly lower than last month.
However, the stock has been on an uptrend since Li posted a top and bottom-line beat for the first quarter in late May. Since May 25, the stock has risen 25% to date. The stock also gained on Wednesday when rival Nio (NYSE: NIO) was upgraded from “Buy to “Hold” by Citigroup analyst Jeff Chung. That came despite the same analyst lowering his price target to $43.60 on Li shares while keeping his “Buy” rating.
Nio got an upgrade despite delivering fewer vehicles in May than April, attributing the slowdown in the month to the semiconductor shortage.
XPeng (NYSE: XPEV) on the other hand, was the only Chinese U.S.-listed EV company to post higher deliveries for May compared with the previous month. Vehicle deliveries for XPeng May surged 483% year-over-year to 5,686 units.
Brian Gu, the president of XPeng told Bloomberg TV on Wednesday that the company is “on track to meet or exceed second-quarter delivery numbers.”
XPeng has forecasted to deliver up to 16,000 vehicles in the June quarter.