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Why NIO And Li Shares Are Popping Today?

4
Anusuya Lahiri
·1 min read

  • Electric vehicle leader Tesla Inc (NASDAQ: TSLA) reported fourth-quarter revenue of $24.32 billion, up 37% year-over-year.

  • The revenue total beat a Street estimate of $24.16 billion.

  • Tesla reported fourth-quarter adjusted earnings per share of $1.19, which beat a Street estimate of $1.13.

  • Its vehicle production totaled 439,701 units in the fourth quarter, up 44% Y/Y, and deliveries amounted to 405,278 electric vehicles, higher by 31%Y/Y.

  • Tesla said it remains committed to a target production goal of 50% annual growth. The company expects to stay ahead of the 50% figure in 2023 with 1.8 million vehicles.

  • The commentary from Tesla led peers like NIO Inc (NYSE: NIO) and Li Auto Inc (NASDAQ: LI) to trade higher in sympathy with Tesla's upbeat results.

  • Price Actions: NIO shares traded higher by 2.75% at $11.96 on the last check Thursday. Li Auto shares traded higher by 7.17% at $24.82.

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This article originally appeared on Benzinga.com

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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