Even growing slower, at less than 15 times earnings, Li Auto stock looks cheap.
EV stocks are getting a jolt today after two leading companies are steering more directly into a new market.
Renault held talks this week with China's Li Auto and Xiaomi on electric and intelligent vehicle technologies, the French carmaker said on Friday, opening the door to potential collaboration on technology with the two companies. "Our CEO Luca de Meo engaged in pivotal conversations with industry leaders, including our partners Geely and Dongfeng, key suppliers but also the new players like the founders of Li Auto and Xiaomi Technology," Renault's procurement and partnerships chief Francois Provost said in a post on LinkedIn.