Li Auto Q2 2021 deliveries tops guidance, rise 40% over prior quarter

  • Li Auto has delivered 7,713 Li ONEs in June 2021, representing an increase of 320.6% Y/Y, and +78.4% M/M from 4,323 Li ONEs delivered in May.
  • Total deliveries for Q2 rose 166.1% Y/Y and 39.7% Q/Q to reach an all-time high of 17,575, exceeding the top end of the Company’s guidance range of 14,500 and 15,500 vehicles.
  • Li Auto is on Seeking Alpha’s Catalyst Watch for the week.
  • LI stock gained ~12% over the past week as focus shifts to upside from infrastructure deal.

Li Auto attracts higher estimates from BofA after strong deliveries report

  • Bank of America is constructive on Li Auto (NASDAQ:LI) after the Chinese electric vehicle producer delivered 7,713 Li ONEs in June to mark 321% Y/Y growth and 78% M/M growth.
  • After taking in the deliveries report, BofA analyst Ming Hsun Lee and team raise the 2021 deliveries forecast for Li Auto by 6% to 68K and now expects 101K deliveries in 2022.
  • In addition, BofA expects the net loss to narrow in 2021-2022 based on the higher revenue scale and better operating leverage. The firm also raises its EV/sales multiples to fall in line with the latest valuation on peers. BofA keeps a Buy rating on Li Auto and hikes the price objective to $39.
  • Shares of Li Auto are down 1.38% in premarket trading to $34.21 to trim the double-digit gain for the week.

Source: Seeking Alpha