Li Auto (LI) Announces More Than 30,000 L9 Electric SUV Reservations Over 3 Days

June 24, 2022 9:16 AM EDT

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Li Auto (NASDAQ: LI) announced Friday that its orders for Li L9, its flagship smart SUV, have exceeded 30,000 in 72 hours since the vehicle was available for reservation. Shares are trading up over 4% up pre-market following the news.

Li Auto closed at $39.24 per share at the end of Thursday’s trading. Up 6.63% following the news reported by Chinese state media that the government was considering an extension of the country’s tax exemptions on electric-car purchases.

The company has taken in more than $22.4 million with the L9 orders, as each order required a RMB5,000 ($746.56) deposit, which is refundable for a limited time. Deliveries of the Li L9 are expected to start by the end of August 2022. Li's stock has run up 22.2% year to date through Thursday.

By Michael Elkins

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