Li Auto falls back on Wall Street

(Boursier.com) — Li Auto, the Chinese manufacturer of electric vehicles, listed on Wall Street, lost more than 4% before market. For its first quarter, the group posted a declining net profit despite revenue growth. Revenue forecasts also came out lower than market expectations. In the first fiscal quarter, Li achieved revenue growth of 36% to 25.6 billion yuan, in line with expectations, with deliveries of 80,400 vehicles (+53%). Adjusted net profit, however, declined 10% to 1.28 billion yuan. The group now expects revenues ranging from 29.9 billion to 31.4 billion yuan for its second quarter, compared to a Bloomberg consensus of more than 38 billion. Deliveries are expected between 105,000 and 110,000 units over the period, again far from analysts’ expectations.