Shares of Li Auto Inc. LI, +5.54% rallied 5.2% in premarket trading Friday, after the China-based electric vehicle maker reported March deliveries that more than doubled from a year ago. The company said March deliveries of its Li ONEs rose 125.2% to 11,034 vehicles, a slight deceleration in growth from recent months as first-quarter deliveries grew 152.1% to 31,716 vehicles. The increases come even as co-Founder Yanan Shen said production has been hurt by the shortage of certain auto parts resulting from the resurgence of COVID-19 cases, recently in the Yangtze Delta region. Separately, the company said it will unveil its smart SUV L9 on April 16. Li Auto’s stock has tumbled 19.6% year to date through Thursday, while shares of China-based rival Nio Inc. NIO, +4.18% have dropped 33.6% and the S&P 500 SPX, +0.34% has slipped 5.0%.
