By Steve Goldstein
Li Auto shares fall as company's outlook also falls short of 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 per share. Analysts surveyed by FactSet expected earnings of 24 cents per share on sales of $3.69 billion.
Li Auto (LI) shares fell 13%.
Li Auto said deliveries were 80,400 vehicles, a year-on-year increase of 53%. In March, it launched the Li Mega, which is its first electric vehicle with a high-power charging battery.
After the quarter ended, it launched the Li L6, a premium five-seat family sport utility vehicle.
It aims for second-quarter revenue of between $4.1 billion and $4.3 billion, below consensus expectations of $5.17 billion, on deliveries of between 105,000 and 110,000 vehicles.
-Steve Goldstein
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05-20-24 1046ET
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