Electric vehicle stocks, like Li Auto (LI) could be some of the biggest winners of 2022.
Li Auto recently reported adjusted EPS of three cents a share on $1.21 billion in sales. The Street was looking for a three-cent loss on $1.13 billion in sales.
“In light of our strong order intake and users’ rising acceptance of smart electric vehicles, we remain as enthusiastic as ever about our growth prospects,” said CEO Xiang Li, as quoted by Barron’s. “We will further increase our production capacity through the addition of the Beijing manufacturing base, and consistently expand our sales and servicing network to prepare our business growth.”
Moving forward, the company expects to deliver 30,000 to 32,000 vehicles in the fourth quarter after delivering 25,000 in the third quarter. Li Auto also expects to see total revenues of between $1.37 billion and $1.46 billion, which is above estimates for $1.35 billion.
Technically, if Li Auto can break above resistance around $36.66, it could test $37.65, perhaps even its all-time high of $47.70 set back in November 2020.