Li Auto says order intake misses expectations as earnings slump
By Steve Goldstein
Li Auto shares fall as company's outlook also lags expectations
Chinese electric vehicle maker Li Auto said order intake was worse than expected in March as its profit declined in the first quarter.
Li Auto said its first-quarter profit fell 37% to 591 million renminbi while sales rose 36% to 25.63 billion renminbi ($3.6 billion).
Its adjusted earnings per share were 1.21 renminbi, or 17 cents a share. Analysts polled by FactSet expected earnings of 24 cents a share on sales of $3.69 billion.
Li Auto shares (LI) slumped 13%.
Li Auto said deliveries were 80,400 vehicles, up 53% year-over-year. In March, it launched the Li Mega, which is its first high-power charging battery electric vehicle.
After the quarter ended, it launched the Li L6, a five-seat premium family sports utility vehicle.
It's targeting second-quarter revenue between $4.1 billion and $4.3 billion, which was below consensus expectations of $5.17 billion, on deliveries between 105,000 and 110,000 vehicles.
-Steve Goldstein
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(END) Dow Jones Newswires
05-20-24 1046ET
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