LI - Why Li Auto Lucid Group and Fisker Stocks Popped Today
2024-02-26 11:28:00 ET
Electric-vehicle stocks put pedal to the metal to start the week on Monday, encouraged by a single powerful earnings report out of Li Auto (NASDAQ: LI) in China. This morning, the company reported a $0.60-per-share non-GAAP profit for its Q4 2023 -- more than twice the $0.29 per share that analysts had predicted -- and said its sales in the fourth quarter approached $5.9 billion, well ahead of the expected $5.5 billion.
Shares of both Lucid Group (NASDAQ: LCID) and Fisker (NYSE: FSR) are reacting positively to the news, up 6% and 10%, respectively, through 10 a.m. ET. Li Auto stock is performing even better -- up 15.5%.
There's been a lot of talk in recent months about how EV sales are slowing down and a price war in China was hurting sales and profits. To an extent, this story is true. But it doesn't seem to be slowing down Li Auto -- and investors in Lucid and Fisker may be hoping that means good things for their stocks, as well.
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Why Li Auto, Lucid Group, and Fisker Stocks Popped Today