This Chinese Tesla Rival Soars 120% In 2023, Bernstein Expects More Gains

Bernstein is bullish on under-the-radar Chinese Tesla Inc (NASDAQ:TSLA) rival Li Auto (NASDAQ:LI), which has seen a 120% surge this year.

Analyst Eunice Lee raised her price target for the EV manufacturer to $50, suggesting a potential 12.6% gain from Wednesday’s close, CNBC reported.

The company’s shares hit a 52-week high of $46.81 on Thursday.

See Also: Everything You Need To Know About Tesla Stock

Despite industry-wide challenges, Li Auto outperformed its competitors, delivering the most cars among Chinese EV makers in July. Lee anticipates further growth, citing stronger exports and domestic demand in Q2 2023.

Li Auto’s shares were trading almost 5% higher on Thursday, hitting a 52-week high of $46.81.

Read Next: Tesla Races Toward $100B Annual Revenue For 1st Time — But Will It Be Faster Than Large Cap Peers?

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