BEIJING - Li Auto (NASDAQ:LI) Inc. (NASDAQ:LI; HKEX:2015), a major player in China’s new energy vehicle market, has reported a 21.8% increase in vehicle deliveries for February 2024, with a total of 20,251 vehicles delivered. This brings the company's cumulative deliveries to 684,780 as of the end of February 2024.
Despite the impact of the Chinese New Year and the sell-out of some trims of the Li L series models in preparation for new model introductions, the company noted a significant increase in average daily deliveries in February, excluding the eight-day holiday period, compared with the same month last year.
Today, Li Auto is set to unveil its latest models, including the Li MEGA and the 2024 iterations of the Li L series at its spring launch event. The Li MEGA has been described as a revolutionary model designed for multi-generational households, aiming to address the issue of range anxiety commonly associated with battery electric vehicles (BEVs). The updated 2024 Li L7, Li L8, and Li L9 models will feature enhanced functions catering to family users.
Xiang Li, the chairman and CEO of Li Auto, expressed optimism about the company's performance, stating, "With the release and deliveries of these new models, we target to have our monthly deliveries rebound to 50,000 vehicles in March."
As of February 29, 2024, Li Auto operates 475 retail stores across 142 cities, alongside 355 servicing centers and authorized body and paint shops in 209 cities.
This news is based on a press release statement from Li Auto Inc .
InvestingPro Insights
Amidst the momentum of Li Auto's recent vehicle delivery increase and the excitement surrounding the launch of their new models, InvestingPro data presents an optimistic financial landscape for the company. Li Auto's market capitalization stands strong at $45.98 billion USD, reflecting its significant presence in the automobile industry. The company boasts a remarkable revenue growth of 173.48% over the last twelve months as of Q1 2023, indicating a robust expansion in its financial performance. Moreover, Li Auto has achieved an impressive one-week price total return of 31.84%, showcasing investor confidence and market enthusiasm for its growth prospects and strategic initiatives.
Adding to the financial insights, two InvestingPro Tips highlight the company's potential for further success. Li Auto holds more cash than debt on its balance sheet, which positions the company well for investment and operational flexibility. Furthermore, analysts anticipate sales growth in the current year, suggesting a continued upward trajectory for the company's revenue. With these positive indicators, Li Auto appears to stand on firm financial footing as it unveils its latest vehicle models.
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