Li Auto beats Q2 revenue expectations
14:12, 30 August 2021
Li Auto beat second quarter revenue expectations as the Chinese electric vehicle maker also provided an upbeat outlook.
For the quarter ended 30 June, net losses narrowed to RMB235.5m ($36.5m) or RMB0.26 per American depositary receipt (ADR), from RMB345.2m or RMB2.71 per ADR a year earlier. One renminbi (Chinese yuan) is currently valued at US$0.155.
Excluding items, the adjusted loss per ADR was RMB0.07, compared with the analysts’ consensus of break-even, according to data from FactSet.
Li Auto designs, develops, manufactures, and sells premium smart electric vehicles. The company currently sells a family-size SUV named the Li One.
Shares down 4% in early Nasdaq trading
Total revenue in the second quarter jumped 159% to RMB5.04b ($780.4m), beating analysts’ expectations of RMB4.68b, according to FactSet.
As of 9:41am EDT, Li Auto shares on the Nasdaq were down 4% at $28.17.
"Our remarkable second quarter results reflect the undeniable strength and appeal of our Li One," Li Auto founder, chair and chief executive officer Xiang Li said in a press release.
"The 2021 Li One received rave reviews and strong endorsement from users, contributing to our second quarter deliveries of 17,575 vehicles and July deliveries of 8,589 vehicles, resulting in cumulative deliveries of over 70,000 vehicles," Li added.
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Well positioned for future growth
"With the completion of our global offering and dual primary listing, we successfully raised over $1.5bn in net proceeds, positioning us well for future growth. We expect our enhanced product line-up and increased deliveries following production ramp up to help us continue to deliver strong results," Li Auto’s chief financial officer Tie Li said.
For the third quarter, the company expects total revenue of RMB6.98bn ($1.08bn) and estimates deliveries to rise to between 25,000 to 26,000 vehicles.
China has 44% of global electric vehicle market
Li Auto is the second Chinese electric vehicle maker listed on Nasdaq after NIO. Rival Xpeng listed on the NYSE in 2020. China has 44% of the world’s electric vehicles, according to Pew Research.