Benzinga | Dec 1, 2021 06:49AM EST

Li Auto Tops Rival Nio In November, Posting Record Monthly Deliveries At 13,485 EVs

U.S. listed Chinese electric vehicle maker Li Auto Inc (NASDAQ:LI) said on Wednesday deliveries in November rose nearly three-fold to an all-time high and smashed past those of the homegrown rival Nio Inc's (NYSE:NIO) numbers during the month.

What Happened: The Beijing-based Li Auto delivered 13,485 electric vehicles in November, a jump of 190.2% year-on-year and a rise of 76.3% on a month-on-month basis.

"We set a new monthly record with over 13,000 deliveries of Li ONEs in November, making Li ONE the first domestic branded premium model priced above RMB300,000 in China to achieve the 10,000 monthly deliveries milestone," Yanan Shen, co-founder and president of Li Auto said in a statement.

See Also: Li Auto Seeks To Raise $1.9B In Hong Kong Listing After Homegrown Peer Xpeng's Debut

Rival Nio hit an all-time high monthly deliveries as it dispatched 10,878 vehicles globally during the month. The company has guided fourth-quarter deliveries to be in the range of 23,500 to 25,500 electric vehicles.

Xpeng Inc. (NASDAQ:XPEV) reported delivering 15,613 vehicles in November, up 270% year-over-year.

Li Auto has managed to secure a firm position in China's fast-growing electric vehicle race, with just one model on sale currently.

Li One is the company's first model that went on sale in November 2019. Beyond Li One, the electric vehicle maker aims to launch more electric vehicles.

See Also: Nio Stages Comeback As November Deliveries Rise 105% To Hit New Monthly Record

Why It Matters: Li Auto had in October said it has begun construction of its Beijing manufacturing base which is scheduled to be operational in 2023. The facility will make premium battery electric vehicles for the company as it looks to meet rising market demand.

Li Auto has said it expects fourth-quarter deliveries to be between 30,000 and 32,000 vehicles.

Price Action: Li Auto shares closed 2.78% higher at $35.44 a share on Tuesday.

Photo: Courtesy of Trucks V2 via Wikimedia