Li Auto Q2 Profit Down, Deliveries Climb; Sees Higher Revenues, Volume In Q3

(RTTNews) - Li Auto Inc. (LI), a Chinese energy vehicle maker, reported Wednesday that its second-quarter net income was RMB1.1 billion or $151.5 million, down 52.3 percent from RMB2.3 billion a year ago.

Net earnings per ADS was RMB1.05 or $0.14, compared to RMB2.18 in the prior year.

Adjusted net income was RMB1.5 billion or $206.8 million, compared to prior year's RMB2.7 billion. Adjusted net earnings per ADS was RMB1.42 or $0.20, compared with RMB2.58 last year.

Total revenues, however, grew 10.6 percent to RMB31.7 billion or $4.4 billion from prior year's RMB28.7 billion.

Vehicle sales were RMB30.3 billion or $4.2 billion, an increase of 8.4 percent from RMB28.0 billion in the prior year. Total deliveries for the second quarter were 108,581 vehicles, representing a 25.5 percent year-over-year increase.

In July 2024, the Company delivered 51,000 vehicles, representing an increase of 49.4 percent from July 2023.

Looking ahead for the third quarter, the company expects total revenues to be between RMB39.4 billion or $5.4 billion and RMB42.2 billion or $5.8 billion, representing an increase of 13.7 percent to 21.6 percent from last year.

Deliveries of vehicles will be between 145,000 and 155,000 vehicles, representing an increase of 38.0 percent to 47.5 percent from the third quarter of 2023.

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