China-based electric vehicle makers XPeng (NYSE: XPEV) and Li Auto (NASDAQ: LI) recently unveiled first-quarter 2024 results. While shares of XPEV popped roughly 6% after the quarterly results yesterday, LI stock fell for the second consecutive day after it announced results on May 20. Investor optimism for XPeng was driven by improved first-quarter results, a strong second-quarter outlook and advancements in self-driving technology.The company announced plans to achieve a Level 4 autonomous driving experience in China by 2025. Additionally, it is set to launch its mass-market MONA-branded EV next month, priced under 200,000 yuan ($27,630), which will feature Level 2 autonomous driving capabilities. This will be the first MONA car launched since XPeng took over the project from ride-hailing giant Didi last year. XPEV currently carries a Zacks Rank #3 (Hold). Conversely, Li Auto's stock suffered due to a decline in net profits and the deferment of its electric SUV models to next year. The company cited hurdles such as insufficient fast-charging infrastructure. Previously, Li Auto had intended to introduce three electric SUVs this year. LI currently carries a Zacks Rank #5 (Strong Sell). A Look at the Q1 Key Metrics Deliveries: XPeng sold 21,821 vehicles (up roughly 20%) in the quarter under review. Li Auto's deliveries jumped 53% to 80,400 units. Revenues: XPeng's revenues totaled $906.9 million, up 62.3% year over year. Revenues from vehicle sales (which constitutes 84.7% of total revenues) totaled $767.9 million, up 58% year over year. Li Auto's revenues rose 36.4% to $3.6 billion. ...