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Li Auto Inc. (NASDAQ:LI) shares are trading higher on Wednesday.
The company has achieved a milestone of 900,000 cumulative deliveries, reaching this mark 56 months after its first vehicle was delivered, reported CnEV Post.
Announcing this progress today, the new energy vehicle (NEV) manufacturer has become the first Chinese new car maker to hit this milestone.
This indicates that Li Auto has delivered 26,655 vehicles so far this month, given that its cumulative deliveries through July were 873,345, according to CnEVPost.
According to Benzinga Pro, LI stock has lost over 47% in the past year. Investors can gain exposure to the stock via VanEck Low Carbon Energy ETF (NYSE:SMOG) and Carbon Collective Climate Solutions U.S. Equity ETF (NASDAQ:CCSO).
Yesterday, the company’s peer XPeng Inc (NYSE: XPEV) reported fiscal second-quarter sales growth of 60.2% year-on-year, to 8.11 billion Chinese Yuan ($1.12 billion), missing the analyst consensus estimate of 8.21 billion Chinese Yuan ($1.13 billion). Total revenues increased 23.9% sequentially.
Meanwhile, chinese electric vehicle stocks soared after China slammed the European Union import tariffs on the EV industry and assured support for the industry.
The Chinese EV industry has been battling weak domestic demand and protectionist tariffs. Lately, the industry has received a boost from China’s plan to boost its stimulus program to subsidize passenger vehicle purchases.
Price Action: LI shares are trading higher by 3.69% to $21.06 at last check Wednesday.
Photo by Postmodern Studio on Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
