Li Auto’s win was disappointing. Why the stock is higher anyway.

Shares in Li Auto are gaining, although the Chinese electric vehicle maker’s second-quarter profit fell short of expectations. It’s proof that sales – and revenue growth – are more important than bottom line for EV startups.

And Li’s growth and financial forecasts look good. Shares of Li Auto (ticker: LI) rose about 2.9% Monday morning, while futures on the S&P 500 and the Dow Jones Industrial Average were flat.

At the…