TECH - Chinese EV Maker Li Auto Misses Q1 Revenue Expectations Despite Surging Vehicle Sales Stock Tanks | Benzinga
Li Auto Inc (NASDAQ:LI) reported fiscal first-quarter 2024 revenue growth of 36.4% year-on-year to $3.55 billion, missing the analyst consensus estimate of $3.84 billion.
Adjusted net earnings per ADS was $0.17 missed the analyst consensus estimate of $0.35. The stock price dropped after the results.
Vehicle sales increased 32.3% to $3.4 billion, mainly attributable to the increase in vehicle deliveries. Total vehicle deliveries were 80,400 units in the quarter, an 52.9% Y/Y increase.
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The vehicle margin declined by 50 bps year over year to 19.3%, while the gross margin expanded by 20 bps year over year to 20.6%.
Adjusted income from operations was $13.9 million, down ...