Li Auto Inc. (NASDAQ:LI) shares are trading higher on Friday.
In fact, shares of Chinese stocks are trading higher after China’s 2024 GDP met the government’s 5% target.
According to Benzinga Pro, LI stock has lost over 22% in the past year. Investors can gain exposure to the stock via VanEck Low Carbon Energy ETF (NYSE:SMOG).
Li Auto has reportedly opened its first overseas R&D center in Munich, Germany, marking the start of its global R&D strategy, CnEV Post reports. The company previously had R&D centers in Beijing and Shanghai.
The German center will collaborate with Chinese teams on next-gen technologies in areas like styling, power semiconductors, intelligent chassis, and electric drives, the report adds.
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Recently, the company was in the headlines for surpassing 200,000 deliveries of its L6 vehicle in less than nine months of its launch.
Li Auto announced the L6 five-seater SUV with a starting price of about 249,800 yuan in April and commenced deliveries in the same month.
Less than nine months since launch, the company has already delivered over 200,000 units of the vehicle, the company said, likely due to its low price point.
Tesla’s Model Y mass-market SUV, in comparison, starts at 263,500 yuan in China for the base variant. Tesla’s lower-priced Model 3 sedan, meanwhile, starts at 235,500 yuan.
In 2024 alone, the company delivered over 500,500 vehicles, taking up a significant portion of the competitive Chinese EV market, and marking a growth of 33% year-on-year.
Price Action: LI stock has gained over 2.67% to $22.67 at last check Friday.
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