Li Auto Inc (NASDAQ:LI) on Tuesday announced a higher number of deliveries in February than its rival Nio Inc. (NYSE:NIO) even as China’s two U.S.-listed EV makers reported sequential declines in volume.
What happened: Beijing, China-based Li Auto said it delivered 8,414 electric vehicles last month, down 31.3% from January and jumping 265.8% year-on-year.
“The holiday season and a pandemic outbreak in Suzhou have caused supply shortages and affected our production,” said Yanan Shen, co-founder and chairman of Li Auto.
Unlike Nio, which currently has three models on sale, Li Auto has firmly established itself in the race for the rapid growth of electric vehicles in China with just one model on sale.
Li ONE is the company’s first model and it went on sale in November 2019; Li Auto intends to expand the range.
See also: Nio Shipments Fall 36.4% Sequentially in February as Production Affected by Holidays
The electric vehicle maker said cumulative Li ONE deliveries have reached 136,356 since the vehicle’s debut in November 2019.
Nio’s deliveries: Nio delivered 6,131 electric vehicles last month, down 36.4% from January and up 9.9% from February 2021.
Shanghai-headquartered Nio attributed the decline to the suspension of production at the NIO-JAC manufacturing plant during the Spring Festival holiday from Jan. 31 to Feb. 6 and adjusted production lines to prepare for the delivery of the ET7 in March 2022.
Price Action: Shares of Li Auto closed up 9.2% at $30.5 per share on Monday.
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