Chinese carmaker Li Auto (2015) posted a first-half net income of 2.48 billion yuan (HK$2.70 billion), down 10.8 percent from a year ago, amid a brutal price war among automakers in China.
In the second quarter, net profit fell 2.7 percent year-on-year to 1.46 billion yuan, below market expectations of 1.59 billion yuan. Revenue for the period was 30.2 billion yuan – down 4.5 percent from 31.7 billion yuan a year earlier, but up 16.7 percent from 25.9 billion yuan in the first quarter.
Vehicle deliveries from April to June rose 2.3 percent from a year earlier to 111,000 units, while vehicle revenue fell 4.7 percent to 28.9 billion yuan – though it rose 17 percent from the previous quarter.
Li Auto expects third-quarter vehicle deliveries between 90,000 and 95,000 units, down 37.8 to 41.1 percent year-on-year, with total revenue ranging from 24.8 billion yuan to 26.2 billion yuan, down 38.8 to 42.1 percent.
Chief executive and chairman Li Xiang said the company has solidified its position as China’s best-selling domestic automaker in the new energy vehicle market for models priced at 200,000 yuan and above.
Li noted that the company looks forward to the September launch of the Li i6, aiming to expand its model lineup and further elevate its position in China’s premium battery electric vehicle market.
As of July 31, Li Auto had 535 retail stores across 153 cities in China, 527 servicing centers, and Li Auto-authorized body and paint shops in 222 cities. Its charging network includes 3,028 supercharging stations with a total of 16,671 charging stalls in operation.
STAFF REPORTER
