Li Auto (LI) up 8% on strong Q3 earnings
13:40, 29 November 2021
Li Auto posted stronger third quarter earnings as the company reported a hike in electric vehicle (EV) deliveries amid "strong order intake".
For the quarter ended 30 September, net losses narrowed 80% to RMB21.5m (£2.53m) from a loss of RMB106.9m a year earlier on total revenues which tripled to RMB7.8bn from RMB2.5bn in the third quarter of 2020.
In pre-market Nasdaq trading, shares were up 8% at $35.13.
For the third quarter, Li Auto delivered 25,116 vehicles, up 190% from the 8,660 vehicles delivered in the third quarter of last year. This resulted in vehicle sales of RMB7.39bn in the third quarter of 2021, representing an increase of 199.7% from RMB2.46bn reported in the third quarter of 2020.
Strong order intake
"In light of our strong order intake and users’ rising acceptance of smart electric vehicles, we remain as enthusiastic as ever about our growth prospects," Li Auto's founder, chairman and CEO Xiang Li said in a press release.
"Amidst the industry-wide chip supply shortage, we delivered 25,116 vehicles during the third quarter, growing 190% year over year and recording a new quarterly high, highlighting once again the compelling appeal of our 2021 Li ONE to family users," CEO Li said.
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Looking ahead, for the fourth quarter Li Auto expects deliveries of between 30,000 and 32,000 vehicles and revenue of between RMB8.82bn and RMB9.41bn.
The Chinese car company designs, develops, manufactures, and sells premium smart electric vehicles. It currently sells a family-size SUV named the Li One. Li Auto is the second Chinese electric vehicle maker listed on Nasdaq after NIO. Rival Xpeng listed on the NYSE in 2020.