Li Auto's (LI, Financial) stock experienced significant volatility, dropping by 5.03% to $23.80 per share, with a trading volume of 4.26 million shares. The stock's turnover rate was 0.40%, and its price fluctuation reached 2.87%. The latest financial report shows Li Auto achieved a revenue of $4.37 billion, a net profit of $152 million, and earnings per share of $0.15, with a gross profit of $853 million and a P/E ratio of 17.99. Among the 43 analysts covering the stock, 86% recommended buying, 9% suggested holding, and 5% advised selling.
In the automotive manufacturing sector, within which Li Auto operates, the overall decline was 0.15%. Other stocks in the sector like Canoo Inc and Mullen Automotive, Inc. showed significant gains, with turnover rates of 49.55% and 13.76%, respectively. Stocks with substantial amplitude include Srivaru Holding Limited and Gogoro Inc, indicating high volatility in the industry.
Li Auto, a leading Chinese electric vehicle manufacturer, specializes in the design, development, manufacture, and sale of premium smart electric vehicles. Since 2019, it has been producing the Li One, a six-seat luxury plug-in hybrid SUV. In 2023, the company's sales of electric vehicles exceeded 376,000 units, representing about 4% of China's passenger electric vehicle market. Li Auto plans to expand its product line to include battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) to cater to a broader market.
Recently, Li Auto reached a milestone with the production of its one millionth vehicle at its Changzhou smart manufacturing base. This highlights the importance of its local supply chain in boosting domestic brands in the electric vehicle sector. In the first half of 2024, Li Auto's production represented 35.4% of Jiangsu Province's automotive output, making it the leading electric vehicle manufacturer in the area. Li Auto has also invested an additional $1.6 billion for the upgrade of the Changzhou facility, now named Jiangsu Li Auto, focusing on research, manufacturing, sales, and component restructuring to enhance its operations. The company plans to increase its workforce in research and management while accelerating the development of a parts industry park to support local supply chains.
