We recently compiled a list of the 10 Firms End Trading Week Defying Market Bloodbath. In this article, we are going to take a look at where Li Auto Inc. (NASDAQ:LI) stands against the other stocks.
A wave of selling gripped Wall Street this Friday, pushing major indices lower as investors shifted capital towards more attractive investment opportunities.
Ten companies bucked an overall bearish market sentiment, booking significant gains during the last trading day of the week. Let’s explore how they managed to buck the trend and what factors contributed to their remarkable performance amidst widespread market uncertainty.
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Li Auto Inc. (NASDAQ:LI)
Li Auto Inc. (LI) registered a 0.67-percent rise in its share prices on Friday to close at $25.49 apiece, albeit lower than the $25.82 at the open.
Investors placed buying positions on Li Auto following an announcement from its chief executive officer Li Xiang that the company is looking to reposition itself as an artificial intelligence company and produce humanoid robots eventually.
The company’s involvement in humanoid robots is “definitely 100 percent in probability,” said Li at an AI talk event.
Li Auto will soon launch a mobile app for its AI assistant Lixiang Tongxue, built on its self-developed foundational model Mind GPT, Li added.
The company was one of the best-performing Chinese EV companies in 2024, having grown its revenues last year to $17 billion from just over $40 million in 2019.
Overall LI ranks 8th on our list of the firms that ended the trading week defying market bloodbath. While we acknowledge the potential of LI as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than LI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.