Li Auto (LI) - Get Report shares jumped on Friday after the Chinese electric-vehicle maker, in its first earnings report since it went public July 30, reported rising deliveries and stronger-than-expected revenue for the third quarter.
The shares recently traded at $33.22, up 4.5%. They have traded on Friday up as much as 28% at $40.81. And they jumped 63% over just the past two days, and 93% from the first day of trading through Thursday.
Electric-vehicle shares have soared in recent months amid investor enthusiasm for the sector.
Deliveries soared 31% to 8,660 vehicles in the third quarter, after more than doubling in the second quarter to 6,604.
Li forecast deliveries of 11,000 to 12,000 in the fourth quarter.
Li registered revenue of 2.51 billion yuan ($369.8 million) in the third quarter, up 29% from the second quarter. The latest figure beat the FactSet analyst consensus of 2.42 billion yuan.
Meanwhile, the company’s net loss shrank to 320.7 million yuan ($47.2 million), or 0.52 yuan a share, from 345.2 million, or 2.71, in the second quarter.
The latest per-share loss exceeded the analyst consensus of 0.38 yuan.
Gross margin widened to 19.8% from 13.3%.
Last week, Li Auto apologized for trying to pass off a vehicle recall as an upgrade offer, the South China Morning Post reported.
The recall, which involves 10,469 Li One sport utility vehicles produced on or before June 1, covers about half the company's output so far.
The company faced a backlash after it said in a statement on Nov. 1 that it was offering to "upgrade" a suspension component. On Friday, it said it would replace the component for free over the next three months.