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China’s Li Auto delivered 2,711 units of its electric SUV in August, up from 2,445 deliveries in July. That took year-to-date deliveries to 14,656.
In Q2, they more than doubled from the prior quarter to reach 6,604 vehicles. Li Auto started volume production of its first electric SUV, the One, in November 2019.
Meanwhile, Chinese rival Nio (NIO) also saw a sequential rise in Q2 deliveries and sold 17,702 electric SUVs in the first seven months of 2020.
Nio’s August delivery update is awaited.
Li Auto Stock, Electric Car Stocks
Shares reversed sharply on the stock market today, falling 2.3% to 17.87 after surging as much as 7.6% earlier in the session. Li Auto stock had an IPO base with a 20 buy point but that entry has failed.
The five year-old startup began trading on the Nasdaq July 30, after a bumper $1.1 billion IPO.
Among rival electric car stocks, Nio fell 1.1% to 19.90 Wednesday and Xpeng Motors (XPEV) gave up 2.7%. Nio stock is well extended from a breakout past 15.55, meaning shares are not in buy range. The relative strength line for Nio stock is just below July’s record high.
Tesla (TSLA) retreated 5.8% after hitting an all-time high intraday Tuesday. Nikola (NKLA) lost 3.85%, still below the 50-day line.
A surging Tesla and a hot market for blank-check deals has fueled the rise of new electric car stocks, including Li Auto, Xpeng Motors and Nikola.