BEIJING - Chinese electric vehicle maker Li Auto Inc . (NASDAQ:LI) reported better-than-expected second quarter results and provided upbeat guidance, sending its shares up 1.13% in premarket trading on Wednesday.
The company posted adjusted earnings per ADS of RMB1.42 ($0.20), surpassing analyst estimates of RMB1.33. Revenue rose 10.6% YoY to RMB31.7 billion ($4.4 billion), also topping expectations of RMB31.52 billion.
Li Auto delivered 108,581 vehicles in Q2, up 25.5% from the same period last year. However, vehicle margin declined to 18.7% from 21.0% a year ago, primarily due to changes in product mix and pricing strategy.
"Since the second quarter, Li Auto has emerged as the sales champion of Chinese automotive brands in the RMB200,000 and above NEV market amid intense competition," said Xiang Li, chairman and CEO of Li Auto.
For the third quarter, Li Auto expects deliveries between 145,000 and 155,000 vehicles, representing growth of 38.0% to 47.5% YoY. The company forecasts Q3 revenue of RMB39.4-42.2 billion, implying 13.7% to 21.6% YoY growth.
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