Li Auto Rises on Positive Update for L6 Orders [Video]

American depositary receipts (ADRs) of Li Auto (LI) surged in premarket trading Monday as the electric vehicle (EV) maker provided an encouraging update on orders for its newest model.

Last week, Li Auto reported overall April delivery numbers of 25,787, nearly the same as the figure the company reported in April 2023.

On April 18, the company announced the Li L6, an electric SUV that was also its first model priced below 300,000 Chinese yuan ($41,626.50). The company said last week that it plans to commence “large-scale deliveries” of the new model in May.

Li Auto reportedly said last week on Chinese social media network Weibo that orders for the L6 had surpassed 30,000, and said in a follow-up post Monday that orders were over 41,000, according to multiple reports.

Chief Executive Officer (CEO) Li Xiang said the new model has seen “widespread popularity among young families” since its launch last month.

Demand for electric vehicles …