Shares of Li Auto Inc.
LI,
climbed 2.6% in premarket trading Wednesday, after the China-based electric vehicle maker returned to year-over-year growth in monthly deliveries. The company said it delivered 11,496 Li ONEs in May, up 165.9% from a year ago, which followed a 24.8% decline in deliveries in April amid COVID-19-related supply chain challenges. Li Auto said it has now delivered a total of 171,467 Li ONEs since the EV debuted in 2019. “Although our parts suppliers in the Yangtze Delta region have gradually resumed production, they have not yet fully recovered and we continue to encounter challenges due to parts supply shortage,” said President Yanan Shen. “As such, our Changzhou manufacturing base has not yet reverted to its normal production level, resulting in delayed deliveries for some of our users.” Shen said Li Auto was “actively collaborating” with its supply chain partners to restore production capacity and to shorten delivery times. The stock has dropped 21.9% year to date through Tuesday, while shares of rival NIO Inc.
NIO,
have tumbled 45.1% and the S&P 500
SPX,
has lost 13.3%.
Li Auto stock jumps after May deliveries soar despite continued supply chain challenges
