Shares of Li Auto surged 19% on Monday after the Chinese electric vehicle startup generated record-breaking revenue and became the first among equals to post its first annual profit, in sharp contrast to rivals that are still bleeding cash despite cost-cutting measures. The Beijing-based EV maker disclosed a profit of RMB 11.8 billion ($1.66 billion) for 2023, compared with a loss of about RMB 2.03 billion a year earlier, as it achieved economies of scale by delivering a record 376,030 extended-range EVs. Revenue for the three months ended Dec. 31 also beat Wall Street expectations of RMB 40.2 billion, coming in at RMB 41.73 billion. Meanwhile, management has offered an ambitious target of selling between 650,000 and 800,000 units for this year, which could represent a year-on-year growth of at least 73%. Although its first-quarter outlook implies a quarter-on-quarter decline of at least 22%, the company said the product lineup will be expanded to eight models, including four purely EVs, from currently three hybrid electric crossovers by the end of this year. [Wall Street Journal, Li Auto earnings report]