Li Auto (NASDAQ:LI), the China-based electric vehicle manufacturer, posted its third-quarter earnings on Nov. 9, surpassing revenue forecasts and sparking a 3% rise in the company’s stock.
The EV maker reported Q3 revenue of $4.75 billion. This marks a substantial year-over-year growth of 271.3% compared to last year’s figure of $1.28 billion.
“In response to the evolving market demand in the third quarter, we continued to strengthen synergies across production, supply, and sales, while enhancing our production capability,” said Li Auto CEO Xiang Li.
The company’s primary products, smart electric SUVs, have gained popularity, boosting sales. Li Auto’s extended services, such as charging stalls and vehicle internet connection services, have also seen increased uptake.
The earnings report revealed that the company’s vehicle deliveries for Q3 reached 105,108 units, marking a 296.3% increase year-over-year. Xiang Li noted that Li Auto is now China’s first emerging new energy automaker to reach 500,000 cumulative deliveries.
For shareholders, the company’s strong performance extends beyond its earnings report. Li Auto’s stock has posted a YTD return of 92.9%, vastly outperforming the S&P 500’s YTD return of 15.7%.
In his final comments, the CEO expressed his optimism about the company’s Q4 performance, planning for the deliveries to range between 125,000 and 128,000 vehicles, and projecting total revenues to be in the vicinity of $5.27 billion to $5.4 billion. These forecast figures would represent respective increases of 169.9% to 176.3%, and 117.9% to 123.1% from Q4, 2022, underscoring Li Auto’s rapid growth trajectory.
Thomas Yeung produced this article using data from Thomson Reuters and unique generative AI prompts. These prompts help distill real-time quarterly earnings data and combine it with InvestorPlace.com’s best-in-class analysis. Our readers get a deep dive into financial results at lightning speed. These articles have been reviewed by a human editor prior to publication. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.
