Why Li Auto Stock Surged on Wednesday
Shares of Li Auto (NASDAQ: LI) surged today, up by 15% as of 12:30 p.m. EDT, after the company reported first-quarter earnings. The results were mixed compared to analyst expectations, and guidance was a little lacking.
Revenue in the first quarter came in at $545.7 million, ahead of the consensus estimate of $522.5 million in sales. That resulted in an adjusted net loss per American depositary share (ADS) of $0.03, slightly worse than the $0.02 per ADS in red ink that analysts were modeling for. The Chinese electric vehicle (EV) company said deliveries more than quadrupled to 12,579. Li Auto now has 65 retail stores and 135 service centers.
Image source: Li Auto.
Source Fool.com
