Li Auto delivered record number of cars in July

Li Auto (LI.US) stock jumped more than 4% early in the session after the Chinese electric vehicle maker delivered 8,589 vehicles in July,  a new monthly record. Last month performance represented a 11.4% month-over-month increase from the 7,713 vehicles delivered in June. On a year-over-year basis, the growth was at 251.3%. "By the end of this year, we will launch a series of major OTA upgrades to elevate our product offering to new heights," said Yanan Shen, cofounder and president of Li Auto. Meanwhile its major domestic competitor Nio (NIO.US) delivered 7,931 vehicles in July, bringing the year-to-date total to 49,887 — more cars than all of last year. But last month's figure came in below a monthly record of 8,083 vehicle deliveries in June. Another major player - Xpeng (XPEV.US) announced today a monthly record of 8,040 delivered vehicles.

Li Auto (LI.US) stock launched today's session with a bullish price gap however buyers failed to break above the upper limit of the ascending channel and price pulled back to local support at $34.00. Should break lower occur, then downward move may accelerate towards major support at $31.65 which coincides with 200 SMA (red line) and 23.6 Fibonacci retracement of the last upward wave. Source: xStation5