Li Auto's First-Quarter Net Profit Fell Despite Higher Revenue

By Jiahui Huang

Li Auto's first-quarter net profit dropped 36% despite higher revenue, though the company maintained a gross margin above 20%.

The Chinese electric-vehicle maker said Monday that its net profit was 592.6 million yuan ($82.0 million), down from CNY929.7 million a year ago and CNY5.66 billion in the fourth quarter.

The result was much worse than the CNY1.63 billion estimated in a poll of analysts by data provider FactSet. In March, the hybrid-vehicle specialist cut its guidance for first-quarter deliveries after lower-than-expected sales.

Revenue rose 36% from a year earlier to CNY25.63 billion, its slowest first-quarter growth over the past three years. That slightly beat analysts' estimates of CNY25.42 billion.

Li Auto's gross margin was 20.6%, up from 20.4% a year earlier but down from 23.5% in the prior quarter.

For the second quarter, Li Auto said it expects to deliver between 105,000 and 110,000 vehicles and guided for CNY29.9 billion-CNY31.4 billion in revenue.

Write to Jiahui Huang at [e-mail]

(END) Dow Jones Newswires

05-20-24 0506ET