Stock Alert: Li Auto Jumps On Stronger Quarterly Results

(RTTNews) - Shares of Chinese electric sport utility vehicles maker Li Auto Inc. (LI) are up more than 24% Friday morning after reporting stronger-than-expected third quarter revenue.

The stock touched a new high of $40.81 this morning.

The company's net loss narrowed to RMB320.7 million, or RMB0.52 per share, from RMB345.2 million, or RMB2.71 per share in the second quarter.

Total revenues were RMB2.51 billion (US$369.8 million) in the third quarter, up 29% from the previous quarter, thanks to jump in vehicle deliveries. Analysts polled by Thomson Reuters were expecting earnings of $342.38 million.

For the fourth quarter, the company expects Total revenues to be between RMB3.11 billion (US$457.8 million) and RMB3.39 billion (US$499.4 million)

In the fourth quarter, the company sees deliveries of vehicles to be between 11,000 and 12,000 units, representing an increase of approximately 27.0% to 38.6% from the third quarter of 2020.