Li Auto Stock Alert! There’s a Lot in Store for 2024.

In 2023, investors in the U.S. were drawn to the "Magnificent Seven" stocks, thus missing out on several strong growth opportunities. Among these is the China-based electric vehicle (EV) manufacturer, Li Auto (NASDAQ: LI). This company wasn't given much attention by Wall Street, however, it is likely to take the spotlight in 2024. By the close of 2023, Li Auto stock was yet to exceed its 2020 high price point. Despite the upcoming release of their latest fleet of EVs, the market has seemed indifferent towards Li Auto. But it's hard to ignore Li Auto's fast-increasing vehicle sales. Investors should question whether they want to entertain the idea of investing in Li Auto now, or if they intend on waiting till its stock surges in 2024.

Li Auto, a hidden treasure for many investors, fails to receive extensive press coverage in the U.S., probably because it is a foreign automaker. This could be the reason why LI stock is not particularly popular on Wall Street, despite the company's notable merits. I'd advise U.S. financial traders to expand their portfolio's geographic scope. In the first three-quarters of 2023, Li Auto made a profit and is highly likely to have maintained this profitability in the fourth quarter. This goes to prove that we shouldn't perceive Li Auto as just another EV startup burning through capital. An interesting fact, disclosed by Larry Ramer of InvestorPlace, is that Li Auto sells an overwhelmingly higher number of EVs in China than does Tesla (NASDAQ: TSLA ). This unique perspective may serve investors well in 2024. Regardless of Tesla's stronghold in the U.S. EV market, such dominance doesn’t extend to every country. As mentioned by Ramer, "Li’s EVs seem to have won over Chinese consumers, given that the cars come with a fuel tank capable of recharging the batteries if necessary."

Li Auto's November delivery figures can't be challenged. In the month, vehicle deliveries shot up 172.9% from the previous year to 41,030 units. The upcoming year's EV sales figures are expected to be even more impressive due to Li Auto's forthcoming vehicle lineup. Li Auto has announced the impending launch of its flagship multi-purpose vehicle, the Li MEGA, on March 1; deliveries should begin early in March. Reuters reports that the MEGA will be the first model produced at the Beijing-based Li Auto plant and would be the company's first entirely electric car. Consequently, the MEGA's launch will mark a significant milestone for Li Auto. The predicted price for the MEGA is below 600,000 yuan or $84,533.24. We'll see whether or not Li Auto tweaks the MEGA's price point for better affordability. Therefore, keep a close eye on Li Auto's substantial forthcoming launch of a pure electric vehicle in the new year.

Although some U.S.-based financial traders might be hesitant to delve into international investing, it's worth examining Li Auto more closely. The company is profitable and seems to be better placed within China's EV market than Tesla. With its November vehicle delivery growth undisputed and an exciting new EV lineup on the horizon, investors are advised to consider investing in a couple of LI stock shares before its full potential is recognized by Wall Street in 2024. During the presentation, David Moadel did not have direct or indirect stakes in the securities mentioned. The writer's views, as discussed in this article, only reflect his views, in accordance with the publishing rules of InvestorPlace.com.