Li Auto stock was trading at $24.82 as of 10:12 AM EDT on Thursday.
On September 30, 2022, Li Auto (NASDAQ:LI) will have an early launch ceremony for its eagerly awaited L8 large premium smart SUV. The tremendous demand from the market for its release led the Chinese EV manufacturer to decide to advance the launch date.
For families around RMB 400K, the Li L8 is a six-seat, spacious, premium smart SUV. During China’s National Day holiday, the car will arrive nationwide at the company’s retail locations, and delivery will start in early November 2022.
The 5-seat Li L6 SUV and the 5-seat Li L7 flagship SUV are priced below RMB400K, among the other planned L series cars. In Q1 of 2023, the business intends to introduce the Li L7 and start deliveries.
Over 6% of Li Auto stock had increased premarket.
Li Auto stock projection
After the China-based manufacturer of electric vehicles announced it was pushing up the launch of its Li L8 six-seat sport utility vehicle (SUV) to Sept. 30 due to strong demand, shares of Li Auto Inc. increased 6.2% in premarket trading on Thursday to recover from the previous session’s four-month closing low. According to the firm, the Li L8 will be unveiled on September 30. It will cost less than RMB400,000 (approximately $56,532), and deliveries will begin in early November.
Outlook for Li Auto Stock
Several Chinese electric vehicle manufacturers, including Tesla (NASDAQ:TSLA) and Li Auto (HKG:2015), conduct business in the United States. Just 4,577 hybrid SUVs were delivered by the manufacturer, a 56% and 52% decrease from July and a year ago, respectively. The company claims that the recently announced L9, which will be replaced in November by a smaller L8, is eating into Li-One sales. In October, the Li-One will no longer be available.
On August 30, Li Auto started shipping the more expensive L9 hybrid SUV. 10,000 deliveries of the model are expected in September, according to the business, which has great aspirations.
Li Auto announced a modest Q2 loss on August 15, in line with expectations. Revenue increased 73% to $1.3 billion, falling short of expectations of $1.4 billion. Li Auto has made money for the previous three quarters, but in Q2, production and deliveries were negatively impacted by Covid shutdowns.
Featured Image- Megapixl @ RobertWei