Why Li Auto Stock Zoomed More Than 5% Higher Today
On Thursday, China's Li Auto (NASDAQ: LI) had a rare good day for an electric vehicle (EV) maker on the stock exchange this year. The company's shares rallied to close over 5% higher on the day, following the publication of its latest monthly delivery figures. That pop was notably higher than the 1.3% gain of the S&P 500 index on the day.
In January, Li Auto delivered 31,165 of its vehicles. Although this was down by 38% from the December tally, it was more than double the January 2023 figure. All told, through the end of the month, Li Auto's cumulative deliveries hit 664,529 units.
While no auto industry investor likes to see double-digit slides in monthly delivery figures, slumps in the early parts of the year are not atypical. Several factors play into this, including high expenditures during the holiday season (which leave less disposable income for big-ticket items like cars), and prohibitively cold weather keeping would-be customers away from dealerships.
Source Fool.com
