Li Auto (LI) announced that it had delivered 7,649 Li ONEs in October 2021, reflecting a growth of 107.2% year-over-year. The year-to-date and cumulative deliveries of Li ONEs came in at 62,919 and 96,516, respectively, as of October 31, 2021,
Shares of the China-based electric vehicles (EV) manufacturer were down 2.6% during Monday’s pre-market trading session.
Yanan Shen, co-founder and president at Li Auto, commented, “It took us 708 days to reach the production milestone of 100,000 Li ONEs, making us the fastest to achieve this among emerging Neighborhood Electric Vehicle (NEV) manufacturers in China.”
He further added, “Our order intake exceeded 14,500 units in October, and we are working in earnest with our suppliers to fully restore the millimeter wave radar supply, aiming to shorten the waiting time of delivery to our users.”
Last week, Bernstein analyst Eunice Lee initiated coverage on Li Auto with a Buy rating and a price target of $43 (31.8% upside potential).
Overall, the Street is bullish on the stock with a Strong Buy consensus rating based on 5 Buys and 1 Hold. The average Li Auto price target of $39.88 implies upside potential of about 21.7% from current levels.
TipRanks data shows that financial blogger opinions are 100% bullish on LI, compared to the sector average of 70%.
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