Li Auto reported strong third-quarter results, with record vehicle deliveries, but guidance for the fourth quarter appeared to disappoint investors.
The Chinese automaker posted record revenue of 42.9 billion yuan ($6.1 billion) in the third quarter, beating analysts’ estimates of RMB 41.27 billion yuan in a Bloomberg survey and exceeding the upper end of its guidance range of 39.4 billion yuan to 42.2 billion yuan.
This represents a 23.6 percent increase from RMB 34.7 billion in the third quarter of 2023 and a 35.3 percent increase from RMB 31.7 billion in the second quarter of 2024.
Li Auto reported vehicle sales of RMB 41.3 billion in the third quarter, an increase of 22.9 percent from RMB 33.6 billion in the third quarter of 2023 and an increase of 36.3 percent from RMB 30.3 billion in the second quarter of 2024.

The increase in revenue from vehicle sales was primarily attributable to higher vehicle deliveries, partially offset by the lower average selling price mainly due to different product mix, the company said.
It achieved a record 152,831 deliveries in the third quarter, which was within the guidance range of 145,000 to 155,000 units. Deliveries for the quarter were up 45.4 percent year-on-year and up 40.75 percent from the second quarter.
Non-GAAP net income for the third quarter was RMB 3.9 billion, an increase of 11.1 percent from RMB 3.5 billion in the third quarter of 2023 and an increase of 156.2 percent from RMB 1.5 billion in the second quarter of 2024.

The company’s gross margin was 21.5 percent in the third quarter, compared to 22.0 percent in the third quarter of 2023 and 19.5 percent in the second quarter of 2024.

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