From black to red: Li Auto records loss of 2.29bln yuan in Q1

Li Auto (2015) posted on Thursday that it swung to a net loss of 2.29 billion yuan (HK$2.65 billion) in the first quarter amid fierce market competition, compared to a net profit of 650.3 million yuan.

The Chinese automaker saw its revenue drop 11.4 percent year-on-year to 23 billion yuan.

Vehicle sales fell 12.7 percent to 21.5 billion yuan, primarily dragged down by the lower average selling price due to a different product mix.

During the period, Li Auto delivered 95,142 vehicles, up 2.5 percent from a year ago.

It expected that the second-quarter deliveries of cars will be between 95,000 and 100,000 vehicles, representing a year-over-year decrease of 14.5 percent to 10 percent.

Total income is estimated to range from 24.1 billion yuan to 25.4 billion yuan in the second quarter, down 20.2 percent to 16 percent, the company said.

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