Shares of Li Auto Inc. (LI) soared 29.3% toward another record Friday, after the China-based electric vehicle maker reported its first quarterly results since going public, in which it reported a wider-than-expected net loss while revenue that beat forecasts, as deliveries continued to rise. The net loss narrowed to RMB320.7 million ($47.2 million), or RMB0.52 a share, from a loss of RMB345.2 million, or RMB2.71 in the sequential second quarter. The FactSet consensus was for a per-share loss of RMB0.38. Revenue rose 28.9% from the second quarter to RMB2.51 billion ($369.8 million), above the FactSet consensus of RMB2.42 billion. Gross margin improved to 19.8% from 13.3%. Deliveries grew 31.1% quarter-over-quarter to 8,660, after growth of 128.0% to 6,604 in the second quarter. For the fourth quarter, Li Auto expects to deliver 11,000 to 12,000 vehicles. The stock had soared 27.3% on Thursday ahead of the results ( ), following upbeat results from fellow China-based EV maker XPeng Inc. (XPEV). XPeng's stock rallied 10.2% in premarket trading Friday and shares of Nio Inc. (NIO), which is scheduled to report results on Nov. 17, climbed 6.7%. The rally comes as iShares MSCI China ETF (MCHI) climbs 1.3% ahead of the open and futures for the S&P 500 gains 0.7%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 13, 2020 07:32 ET (12:32 GMT)
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