Chinese EV maker Li Auto (NASDAQ:LI) was up in pre-market trading on Wednesday after the company’s vehicle deliveries soared 302.1% year over year to 40,422 vehicles in October. The company’s monthly deliveries exceeded the milestone of 40,000 deliveries for the first time, and Li’s cumulative deliveries reached 284,647 as of the end of October.
Xiang Li, Chairman and CEO of Li Auto commented, “Li Auto has led the sales chart of SUVs priced above RMB300,000 for six straight months, becoming the best-selling premium brand among SUVs in China. The cumulative deliveries of Li L9 and Li L8 have each surpassed 100,000 units.”
What is the Forecast for LI Stock?
Analysts are bullish about LI stock with a Strong Buy consensus rating based on a unanimous seven Buys. The average LI price target of $53.61 implies an upside potential of 58.6% at current levels.
