LI - Why Li Auto Stock Jumped Monday
2024-05-06 11:46:00 ET
By all accounts, there's a surplus of electric-vehicle (EV) production in China. This lack of demand could partly be caused by China's sputtering economy. But one new vehicle from Li Auto (NASDAQ: LI) is showing there's still strong demand for the right EV products.
Reports of strong orders for the company's latest vehicle, launched just last month, has Li Auto shares surging Monday morning. Shares jumped as much as 7% and were still trading 4.3% higher as of 10:25 a.m. ET. The move extends the momentum behind the stock in the weeks since the company launched its new L6 five-seat premium SUV.
Li Auto introduced its new SUV on April 18 as its first vehicle priced below 300,000 yuan, with both trims costing below the equivalent of $40,000. The large SUV is a family-oriented vehicle with a smart entertainment system and the ability to fold seats into a bedding area.
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Why Li Auto Stock Jumped Monday