Li Auto Inc (NASDAQ:LI) on Tuesday outshone delivery numbers of close rival Nio Inc (NYSE:NIO) in January even as the two U.S. listed Chinese electric vehicle makers reported a sequential decline in volume amid the slow-sales season ahead of the Lunar New Year.
What Happened: The Beijing, China-based Li Auto said it delivered 12,268 electric vehicles last month, a fall of 12.9% over December and a jump of 128.1% year-on-year.
Li Auto has managed to secure a firm position in China’s fast-growing electric vehicle race, with just one model on sale currently.
Li One is the company’s first model and it went on sale in November 2019; Li Auto has plans to expand the line-up.
The EV maker said the cumulative deliveries of Li ONE reached 136,356 since the vehicle’s debut in November 2019.
Rival Nio Inc (NYSE:NIO) delivered 9,652 electric vehicles in January.
China New Year Holiday starts on Jan. 31 and lasts till Feb. 6 this year.
See Also: Xpeng Expected To Deliver 13,000 Electric Vehicles In January: Report
Why It Matters: Investors are looking closely at delivery numbers for China’s homegrown electric vehicle startups as they continue to ramp up deliveries and expand in local as well as overseas markets.
Li Auto has been delivering over 10,000 electric vehicles in the recent months and delivered a record 14,000 electric vehicles in December, more than those of homegrown rival Nio but below Xpeng Inc's (NYSE:XPEV) 16,000 units.
Price Action: LI Auto shares closed 8.8% higher at $26 a share on Monday. The stock is down 19% so far this year.
Photo: Courtesy of Li Auto
