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Li Auto stock falls in premarket despite posting solid delivery numbers

Li Auto stock falls in premarket despite posting solid delivery numbers
Dino Kurbegovic

Li Auto (NASDAQ: LI), one of the leaders in China’s electric vehicle (EV) market, announced its unaudited second quarter 2022 earnings on August 15. 

In the lead-up to the earnings, the firm released its delivery numbers on August 1, indicating that it delivered 10,422 Li ONEs in July 2022, with cumulative deliveries reaching 194,913 vehicles since their debut in 2019. 

Meanwhile, the Q2 earnings showed revenues of $1.3 billion, a 73.3% year-on-year (YoY) increase, missing estimates by $110 million. Further, the earnings per share (EPS) were -$0.02, beating estimates by $0.02. Deliveries of Li ONE were 28,687 vehicles in the second quarter of 2022, representing a 63.2% year-over-year increase 

Currently, LI is down in premarket trading by roughly 6% at the time of writing as investors digest the earnings results and the revenue miss. 

LI premarket data. Source: Nasdaq

LI chart and analysis 

What’s more, the long-term trend is neutral, but the short-term trend is negative as the stock lost over 15% in the past month. LI’s trading range over the past month was wide, between $30.23 and $40.88, staying close to the middle of its 52-week range. 

Further, technical analysis shows the support line at $32.48 and the resistance zone from $33.64 to $34.60. 

LI 20-50-200 SMA lines chart. Source. data. See more stocks here.

On the other hand, analysts on Wall Street rate the shares a ‘strong buy,’ seeing the average 12-month price reaching $51, 56.97% higher than the current trading price of $32.49. 

Wall Street analysts’ price targets for LI. Source: TipRanks

Deliveries to the future

Finally, Li sees vehicle deliveries for the next quarter (third quarter) in the range of 27,000 to 29,000 units, a potential 7.5-15.5% increase compared to Q3 of 2021. Similarly, expected revenue for Q3 should be from $1.34 billion to $1.43 billion, a potential increase of 15.3-22.9%. 

With such numbers, the firm should be one of the leading players in the EV space in China and possibly worldwide if users rate the vehicles favorably, which could be one of the reasons why Li’s CEO is very optimistic about the future.

LI may see more volatility in the short term as the stock tries to find a new trading range, mostly tied to investors getting to grips with data released during Q2 earnings. 

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