Li Auto Inc (NASDAQ:LI) on Tuesday reported higher delivery numbers in February than rival Nio Inc (NYSE:NIO) even as the two U.S.-listed Chinese electric vehicle makers reported a sequential decline in volume.
What Happened: The Beijing, China-based Li Auto said it delivered 8,414 electric vehicles last month, a fall of 31.3% over January and a jump of 265.8% year-on-year.
“The holiday season and an outbreak of the pandemic in Suzhou have resulted in supply shortages and affected our production,” said Yanan Shen, co-founder and president of Li Auto.
Unlike Nio, which currently has three models on sale, Li Auto has grabbed a firm footing in China’s fast-growing electric vehicle race with just one model on sale.
Li ONE is the company’s first model and it went on sale in November 2019; Li Auto has plans to expand the line-up.
See Also: Nio Deliveries Fall 36.4% Sequentially In February As Production Impacted By Holidays
The EV maker said the cumulative deliveries of Li ONE reached 136,356 since the vehicle’s debut in November 2019.
Nio’s Deliveries: Nio delivered 6,131 electric vehicles last month, a decline of 36.4% over January and a rise of 9.9% over February 2021.
The Shanghai-headquartered Nio attributed the decline to production suspension at the NIO-JAC manufacturing plant in the Spring Festival holiday from Jan. 31 to Feb. 6 and adjusted the production lines to prepare for the delivery of ET7 in March 2022.
Price Action: Li Auto shares closed 9.2% higher at $30.5 a share on Monday.
