Li Auto Inc. (NASDAQ:LI) said Tuesday that it delivered 37,679 vehicles in August. That marked a 32.1% increase from 28,529 vehicles a year earlier.
Deliveries also climbed 23.7% from 30,468 vehicles in July.
Li Auto delivered 68,147 vehicles during the first two months of the third quarter. The company previously forecast quarterly deliveries of 95,000 to 100,000 vehicles. Therefore, it needs to deliver between 26,853 and 31,853 vehicles in September to meet that outlook.
Cumulative deliveries reached 1.80 million as of Aug. 31.
New Models Set For September
Li Auto will launch an updated Li MEGA flagship multipurpose vehicle Wednesday. The model will feature improvements to its interior, cabin technology and driving performance.
The company also plans to launch its Li i9 flagship battery-electric SUV in mid-September. In addition, Li Auto will begin sales in the Middle East with a product launch in Dubai.
Recent Earnings Raise Concerns
The delivery rebound follows a difficult second-quarter report. Revenue fell 15.1% to 25.7 billion Chinese yuan ($3.78 billion). Li Auto also swung to an adjusted net loss of 1.5 billion yuan. Vehicle margin dropped to 9.4% from 19.4%.
NIO Deliveries Also Rise
Peer NIO Inc. (NYSE:NIO) said Tuesday that it delivered 35,836 vehicles in August, up 14.5% from a year earlier.
Li Auto Analyst Outlook
The stock carries a Hold consensus rating and an average price forecast of $14.53. Piper Sandler recently lowered its forecast to $13. HSBC cut its forecast to $15.60, while Barclays reduced it to $14.
Benzinga Edge Rankings
LI has a bearish momentum score of 4.09 on the Benzinga Edge scorecard. The weak reading reflects the stock’s poor performance against the broader market.
The Intelligent Livermore ETF (NASDAQ:LIVR) holds a 3.01% position in LI.
Technical Analysis
Li Auto traded at $12.01, below its major moving averages. The stock was 3.9% below its 20-day simple moving average of $12.52 and 3.5% below its 50-day average of $12.48.
The longer-term trend remains weaker. Shares were 17.7% below the 100-day average of $14.63 and 25.3% below the 200-day average of $16.11.
Meanwhile, the MACD remained below its signal line, and its histogram was negative. Both signals suggest that buying momentum is fading.
The stock faces resistance near $13, where its short-term averages are clustered. Support sits near $12, just above the 52-week low of $11.65.
Li Auto Price Action
Li Auto shares fell 0.74% to $12.01 in Tuesday’s premarket session, according to Benzinga Pro.
Photo via Shutterstock
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