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Li Auto EV Deliveries More Than Double, Exceeding Its Estimate

Li Auto's second-quarter electric-vehicle deliveries more than doubled (up 166%0 from a year earlier to more than 17,500.

Li Auto  (LI) - Get Report, the Chinese electric-vehicle maker, reported second-quarter deliveries more than doubled and topped its estimates.

The Beijing company delivered 17,575 vehicles in the quarter, up 166% year over year and nearly 40% from the first quarter.  

The company had expected to deliver 14,500 to 15,500 vehicles in the second period. 

Li Auto delivered 7,713 Li One units in June 2021, quadruple the year-earlier number and up 78% from the 4,323 units delivered in May. The Li One is a large six-seat premium electric SUV.

The June figure was a monthly record for Li Auto.

At last check Li Auto shares fell 8% to $31.92. 

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Tesla  (TSLA) - Get Report, Li Auto's main foreign competitor, is expected to report that it delivered more than 200,000 cars in Q2.

Earlier this year, Tesla CEO Elon Musk hinted at an 800,000 delivery target for the full year. Deliveries were a record 499,950 in 2020.

Also this week, Tesla recalled nearly 285,000 of its Model 3 and Model Y cars that were built in China due to a software glitch.

That number translates to "most of the vehicles it has delivered the country over recent years," wrote Wedbush analyst Daniel Ives in a note on Sunday.

The recall is to fix autopilot safety problems that Chinese regulators spotted. 

Vehicles within the scope of the recall may cause the drivers to incorrectly activate the active cruise function in some situations, according to the State Administration for Market Regulation in China.