Why EV Stock Li Auto Rocketed Today
Electric vehicle (EV) stock Li Auto (NASDAQ: LI) surged Monday morning, trading up 7.5% as of 11:30 a.m. ET after jumping as much as 11% soon after market open. Investors cheered the surprisingly strong third-quarter numbers and outlook from the Chinese EV maker.
Revenue more than tripled to $1.2 billion, backed by a 190% year-over-year increase in deliveries for its only EV, the premium six-seater SUV Li One, in the third quarter. While the company still incurred a net loss of $3.3 million, it was down nearly 80% year over year.
The company continues to sees strong demand for the Li One. After delivering a record number of 25,116 vehicles in the third quarter, it delivered another 7,649 in the month of October, up 107% from the year-ago period.
Source Fool.com
