Li Auto (NASDAQ:LI) recently reported record-breaking December deliveries, surpassing both monthly and annual targets. Also, analysts are optimistic about the stock’s prospects and expect about 44% upside potential in 2024.
Detailed Vehicle Delivery Report
Vehicle deliveries jumped 137.1% year over year to 50,353 vehicles in December, exceeding the milestone of 50,000 deliveries for the first time. In addition to this, the company’s Q4 2023 deliveries surged 184.6% to 131,805 units. Remarkably, Q4 deliveries came above LI’s guidance range of 125,000 to 128,000 vehicles.
Further, the company was able to achieve its annual delivery target of 300,000 vehicles as it delivered a total of 376,030 vehicles in 2023. It is worth highlighting that LI has been benefiting from a strong demand for its three Li L series models.
With the company continuing to report impressive delivery performance, let’s see how the Street expects Li Auto stock to perform in the near term.
What is the Forecast for LI Stock?
Li Auto stock has risen over 78% in the past year. Despite this, analysts see upside potential in LI stock from current levels. Rising deliveries, improving margins, and the launch of its first pure-electric minivan keep analysts bullish.
LI stock is a Strong Buy based on the ratings of four analysts. Further, the average price target of $53.75 implies 43.6% upside potential over the next 12 months.
