Shares of Li Auto (NASDAQ:LI) are soaring on Monday, as are a few other China-based electric vehicle (EV) companies.
Li Auto is an EV manufacturer know for its “extended-range” vehicles. The cars have an engine, electric motor and a battery pack. The engine charges the battery and runs the electric motor, rather than driving the car itself.
That said, LI stock is rising due to the company issuing its October delivery update Monday morning. Li Auto reported delivering 3,692 Li ONEs during the month of October, an increase from 3,504 during September. The EV innovator also said that it set a monthly record for orders during October.
Overall, the company stated that it has delivered 21,852 vehicles during the first 10 months of 2020. Also, as of Oct. 31, Li Auto had 41 retail stores in 36 cities. That said, the firm touched on its future:
“Going forward, the Company plans to continue strengthening its direct sales and servicing network to further bolster its footprint and market penetration in China.”
As stated above, Li Auto is not the only China-based EV maker that is rising on Monday. Shares of Nio (NYSE:NIO) stock are up more than 6% after releasing its own delivery data. Also, Xpeng (NYSE:XPEV) stock is 7% higher after posting its October delivery figures.
Monday really seems to be providing a strong start to the month for these EV makers.
LI stock was up 11.4% as of Monday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.