Shares of Li Auto Inc. (LI) soared 25.8% toward a record on heavy volume in afternoon trading Thursday, as upbeat results from fellow China-based electric vehicle maker XPeng Inc. (XPEV) gave investors reason to be optimistic ahead of Li's first quarterly report since going public in late-July. Trading volume jumped to 67.6 million shares, compared with the full-day average of 11.6 million shares. Li is slated to report third-quarter results early Friday, with analysts surveyed by FactSet expecting a per-share loss of RMB0.24 on revenue of RMB2.42 billion ($365.7 million). XPeng's stock rocketed 37.0% toward a record in afternoon trading, after the company reported a loss that widened from a year ago but revenue that rose more than fourfold ( ) as deliveries jumped 266%. Fellow China-based EV maker Nio Inc. (NIO) also rose XPeng's coattails, as the stock shot up 12.3%, also toward a record; Nio is scheduled to report third-quarter results on Nov. 17. The big rallies in the China-based EV makers comes as the iShares MSCI China ETF (MCHI) is gaining 0.3%, while shares of U.S.-based rival Tesla Inc. (TSLA) are falling 1.4% and the S&P 500 is dropping 1.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 12, 2020 14:57 ET (19:57 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.