If there is slowing demand for electric vehicles (EVs) in China, Li Auto (NASDAQ: LI) isn't seeing it. Li released its first-quarter update today, and the stock is surging. As of 11:38 a.m. ET, Li's American depositary receipts were higher by 13.5% on the day.

Li reported positive income from operations versus a loss in last year's first quarter. It also said net income grew sequentially from the fourth quarter of 2022. Net income was the equivalent of about $136 million. But that wasn't the only reason investors are pouring into the stock today. 

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Source Fool.com