LI - Why Li Auto Stock Tapped the Brakes Today
2024-03-01 11:46:02 ET
Chinese electric car company Li Auto (NASDAQ: LI) is ending a strong week on a weak note Friday. After reporting powerful Q4 earnings on Monday, Li shares climbed as much as 33% over last Friday's close. Today, the stock hit a bit of a speed bump, though, losing 3.5% through 10:30 a.m. ET after reporting its February delivery numbers.
But this was to be expected.
Li's performance in 2023 was simply fantastic. Sales surged 173.5% year over year to $17.4 billion. Gross profit margins expanded by 280 basis points to 22.2% -- twice the profit margin of General Motors or Ford . Free cash flow grew 19-fold to $6.2 billion. And net income flipped from a 2022 loss to a 2023 profit -- $1.7 billion.
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Why Li Auto Stock Tapped the Brakes Today