Li Auto Inc. (NASDAQ: LI) shares noted healthy gains Tuesday. The company, a leader in China’s new energy vehicle market, announced that it delivered 53,709 vehicles in September, up 48.9% year over year. This brought the Company’s third-quarter deliveries to 152,831, increasing by 45.4% year over year. As of September 30, 2024, Li Auto had delivered a total of 341,812 vehicles in 2024, with cumulative deliveries reaching 975,176.
“With the penetration rate of new energy vehicles surpassing 50%, the dominance of leading brands has become more pronounced. Since the beginning of the third quarter, the top three brands have captured over 50% of the RMB200,000 and above NEV market. Notably, Li Auto accounted for over 17% of market share in this segment, ranking first among Chinese automotive brands. Order intake for Li L series and Li MEGA has seen a steady increase, leading to record deliveries in September,” commented Li CEO Xiang Li.
“In October, we are set to reach the first million-unit milestone for emerging new energy automakers in China: the completion of production and delivery of our one millionth vehicle. This milestone represents more than just sales numbers; it signifies a new era in the intelligent transformation of NEVs, particularly in the development of autonomous driving technologies, alongside the growing ownership of our vehicles. We are delighted to see that our research and development investments are promoting the democratization of technology, with our products undergoing one OTA upgrade per month on average.”
LI shares jumped $1.31, or 5.1%, to $26.96.
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