Chinese electric automaker, Li Auto (NASDAQ:LI) released their October 2023 vehicle delivery report on Wednesday, announcing that the company delivered 40,422 vehicles, representing an increase of 302.1% when compared with the same time last year.
Monthly deliveries exceeded the 40,000 milestone for the first time, increasing 12% MoM. The cumulative deliveries of Li Auto vehicles in 2023 reached 284,647.
“Following steady growth for ten consecutive months, Li Auto achieved a new milestone with over 40,000 monthly deliveries, a strong testament to our ever-improving organizational capabilities across production, sales, and services.” Said CEO Xiang Li.
Li Auto aims to deliver 50,000 vehicles and 20,000 L7 models per month, although the specific timing was not provided. Additionally, the company has established 372 retail stores across the country.
Investors are expected to closely monitor whether the increasing order intake can drive monthly deliveries towards the 50,000 target, despite intensifying competition triggered by the launch of Huawei's Aito M9 in December. This new product could pose a considerable threat to the L9.
Furthermore, investors are keenly observing any developments regarding L6 and seeking additional information about Mega, which has been generating significant interest among consumers and local media since its introduction.
Shares of LI are up 3.92% in mid-day trading on Wednesday.