Li Auto Inc LI reported fiscal second-quarter 2024 income progress of 10.6% year-on-year to $4.36 billion, marinally lacking the analyst consensus of $4.45 billion.
It clocked an adjusted internet earnings per ADS of $0.20, which beat the analyst consensus of $0.19.
Car gross sales elevated 8.4% to $4.2 billion, primarily due to the rise in automobile deliveries. Whole automobile deliveries have been 108,581 models within the quarter, a 25.5% year-over-year improve.
The automobile margin declined by 230 bps yr over yr to 21.0%, primarily as a result of adjustments in product combine and pricing technique. The gross margin decreased by 230 bps yr over yr to 21.8%, primarily as a result of lowered automobile margin.
Adjusted revenue from operations was $119.7 million, down by 57.4% Y/Y. Adjusted internet revenue plunged 44.9% Y/Y to $206.8 million.
Li Auto held money and equivalents of $13.4 billion as of June 30, 2024, and used $59.1 million in working money circulate for the quarter.
As of June 30, 2024, the corporate had 497 retail shops masking 148 cities, 421 servicing facilities, Li Auto-authorized physique and paint retailers working in 220 cities, and 614 supercharging stations with 2,726 charging stalls.
In July 2024, the corporate delivered 51,000 automobiles, representing a rise of 49.4% from April 2023.
Chair and CEO Mr. Xiang Lil mentioned, “In June 2024, we surpassed the 800,000-vehicle milestone in cumulative deliveries, making historical past for Chinese language premium automotive manufacturers. Along with our robust gross sales outcomes, we made substantial progress in autonomous driving. In July, we rolled out our high-definition map-independent NOA with nationwide protection to over 240,000 Li AD Max customers and launched our next-generation autonomous driving technological structure that integrates an E2E mannequin and a VLM.”
Outlook: Li Auto expects third-quarter income of $5.4 billion—$5.8 billion, representing an improve of 13.7%–21.6% yr over yr versus analyst consensus of $5.74 billion.
LI expects third-quarter automobile deliveries of 145,000 – 155,000, representing a rise of 38.0%–47.5% yr over yr.
Li Auto inventory plunged 47% within the final 12 months because the Chinese language EV trade battled lackluster home demand and protectionist tariffs.
Value Motion: LI shares traded decrease by 0.80% at $21.39 in premarket at the final test on Wednesday.
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