Li Auto reported a net loss of RMB 21.5 million in the third quarter, narrowing by 80 percent from the same quarter last year and 91 percent from the second quarter.
Li Auto today reported third-quarter revenue that beat market expectations and its loss narrowed significantly, sending shares higher in pre-market trading.
The company reported third-quarter revenue of RMB 7.78 billion ($1.21 billion), topping analysts’ estimates of RMB 7.3 billion in a Bloomberg survey, according to unaudited results released by the company before the US stock market opened on Monday.
That’s up 210 percent year-on-year and up 54 percent from the second quarter.
Li Auto reported vehicle sales revenue of RMB 7.39 billion in the third quarter, up 200 percent year-on-year and up about 51 percent from the second quarter.
It delivered 25,116 vehicles in the third quarter, up 190 percent year-on-year and up 43 percent from the second quarter.
It reported a gross margin of 23.3 percent in the third quarter, up from 18.9 percent in the second quarter and 19.8 percent in the same quarter last year.
It reported a vehicle margin of 21.1 percent in the quarter, up from 18.7 percent in the second quarter and 19.8 percent in the year-ago quarter.
The company reported a net loss of RMB 21.5 million in the third quarter, narrowing by about 80 percent from the same quarter last year and 91 percent from the second quarter.
Li Auto guided for fourth-quarter deliveries of 30,000-32,000 vehicles, implying year-on-year growth of 107.4 percent-121.2 percent.
Its revenue guidance for the fourth quarter was RMB 8.82 billion – RMB 9.41 billion, implying year-on-year growth of 112.7 percent – 126.9 percent.
Li Auto delivered 7,649 in October, and that guidance implies that it expects 22,351-24,351 combined deliveries in November and December.
Li Auto was up 6.42 percent to $34.48 in pre-market trading at press time.
