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Investing.com -- Li Auto Inc (HK:2015) (NASDAQ:LI) posted better-than-expected first-quarter results, but the beat was offset by the automaker’s second-quarter revenue and deliveries guidance, which fell short of market expectations.
The company’s shares dropped more than 2% in premarket trading Thursday.
Li Auto reported Q1 earnings per share (EPS) of RMB0.96, surpassing the RMB0.64 consensus estimate. Revenue for the period climbed 1.1% year-over-year to RMB25.93 billion, also ahead of expectations for RMB25.13 billion.
The company delivered 92,864 vehicles during the quarter, up 16% year-on-year and slightly above the forecast of 91,087 units. Vehicle sales totaled RMB24.68 billion, rising 1.8% from a year earlier and exceeding the RMB23.62 billion estimate.
Gross margin stood at 20.5%, nearly flat from 20.6% a year ago and ahead of the 20% analyst forecast.
“In the first quarter, we maintained our sales leadership position among Chinese automotive brands in the RMB200,000 and above NEV market by consistently delivering products and services with exceptional value for our users," said Xiang Li, chairman and CEO of Li Auto.
For the second quarter, Li Auto guided for revenue between RMB32.5 billion and RMB33.8 billion, below the consensus of RMB34.7 billion. It expects to deliver between 123,000 and 128,000 vehicles, also missing the analysts’ estimates of 128,852.