Why Li Auto Stock Jumped 20% Today
Shares of Chinese electric vehicle (EV) maker Li Auto (NASDAQ: LI) were at session highs, up 20%, as of 11:15 a.m. EST today. The company will report its quarterly earnings tomorrow, but recent data on Chinese EV sales has investors anticipating sharp growth.
Vehicle sales in China rose 12.5% in October, versus the prior-year period. But sales of new-energy vehicles -- which include battery-powered EVs, fuel-cell cars, and plug-in hybrids -- more than doubled to 160,000. According to the China Association of Automobile Manufacturers, sales of new-energy vehicles are expected to rise to about 1.1 million units this year.
Source Fool.com
