China-based EV maker Li Auto (LI) announced that it delivered 7,713 Li ONEs in June 2021, marking a 320.6% year-over-year growth. The company said it was the highest-ever number of deliveries made in a month.
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Notably, Li Auto’s first electric SUV model Li ONE witnessed record-high orders of more than 10,000 in June .
For the second quarter of 2021, total deliveries jumped 166.1% year-over-year to reach an all-time high of 17,575 and surpassed the previously provided guidance by the company. (See Li Auto stock charts on TipRanks)
Li Auto’s peers, NIO Inc. (NIO) and XPeng Inc. (XPEV), witnessed 116.1% and 617% year-over-year growth, respectively, for smart EV deliveries in June.
On June 7, Goldman Sachs analyst Fei Fang reiterated a Buy rating on the stock but raised the price target to $62 from $60. The new price target implies 78.7% upside potential from current levels.
Fang currently expects Li Auto’s sales to grow from 33,000 vehicles in 2020 to 580,000 in 2025. Furthermore, the analyst is impressed with the optimistic backlog for the new face-lifted version and expanding gross margins of the company.
The stock has a Strong Buy consensus rating based on 5 unanimous Buys. The average Li Auto price target of $43.40 implies 25.1% upside potential from current levels.
TipRanks data shows that financial blogger opinions are 100% Bullish on LI, compared to a sector average of 72%.
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