Late Wednesday, Los Angeles-based EVgo posted $50.6 million in revenue for the second quarter, beating estimates. A loss of 8 cents per share was also less than expected.
In addition, the electric vehicle charging network raised its revenue guidance for the full year. Revenue from its private label eXtend unit for businesses made up roughly two-third’s of total revenue during the quarter.
EVgo stock soared nearly 24% to 5.24 in Thursday’s stock market action. EVgo stock tumbled in the past year and remains well below the August 2022 high of 12.65.
Li Auto Stock
China’s Li Auto extended its rally to a fifth day with earnings due early Tuesday.
The maker of premium hybrid-electric vehicles is expected to deliver a strong second quarter on the back of robust EV sales, which exceeded the high end of its guidance for the period. A clear leader among China startups this year, Li earns a spot on the IBD 50 list of top growth stocks.
Outlook may matter more than Q2 performance. Analysts at Deutsche Bank expect Li to guide to Q3 deliveries of around 100,000 units on strong demand for the L7 and L8 SUVs. That would be up from 86,533 units in Q2. Investors will also watch for updates on a price war in China’s EV market this year.
Shares of the China EV stock popped 4.7% to 46.48 Thursday. Li stock made another new 52-week high intraday after more than doubling year to date. Shares are up 130% since Dec. 31.
Startups Li, Nio and XPeng on Tuesday all disclosed momentum in July EV sales. Li Auto’s deliveries topped 30,000 for the second straight month in July.
Nio stock popped 7.9% Thursday, while XPeng stock gained 4.6%.
Shares of Nio and XPeng lagged Li stock but are starting to see an uplift. Both laggard EV stocks have more than doubled from their 52-week lows as anticipation builds for a stronger second half of 2023 on the back of new models.
Xpeng reports Aug. 18. Nio has not announced a date for earnings.
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