Li Auto (LI, Financial) saw its stock price plummet over 12% as the company released its third-quarter earnings. The company reported a total vehicle delivery of approximately 152,800 units, marking a 45.4% year-over-year increase. Vehicle sales revenue reached RMB 41.324 billion, reflecting a year-over-year growth of 22.9% and a quarter-over-quarter rise of 36.3%. Total revenue for the quarter was RMB 42.874 billion, up 23.6% year-over-year and 35.3% quarter-over-quarter. Gross profit rose to RMB 9.225 billion, an increase of 20.7% from the previous year and 49.3% from the previous quarter. Despite these positive figures, net profit only showed a marginal year-over-year increase of 0.3%, but experienced a substantial quarter-over-quarter jump of 156.2% to reach RMB 2.82 billion.
Looking ahead to the fourth quarter of 2024, Li Auto expects vehicle deliveries to range between 160,000 and 170,000 units, which would signify a year-over-year growth of 21.4% to 29.0%. The company also forecasts total revenue to be between RMB 43.2 billion (USD 6.2 billion) and RMB 45.9 billion (USD 6.5 billion), representing a year-over-year growth ranging from 3.5% to 10.0%.
