Li Auto now expects vehicle deliveries to be between 90,000 and 95,000 vehicles, representing a year-over-year decrease of 41.1% to 37.8%.
Chinese EV maker Li Auto (LI) on Thursday said it expects a year-over-year decline in vehicle deliveries in the third quarter, even as it prepares to launch its i6 SUV in September, following the launch of its i8.
Li Auto now expects vehicle deliveries to be between 90,000 and 95,000 vehicles, representing a year-over-year decrease of 41.1% to 37.8%. Total revenue is also expected to decrease by 42.1% to 38.8%, ranging from RMB24.8 billion ($3.5 billion) to RMB26.2 billion.
On Stocktwits, retail sentiment around Li Auto fell from ‘bullish’ to ‘neutral’ territory over the past 24 hours, while message volume rose from ‘high’ to ‘extremely high’ levels. Nasdaq-listed shares of the company traded 4% higher at the time of writing.
A Stocktwits user highlighted that the company’s missed earnings and reduced outlook won’t allow for a further rally.
Another user believes i8 and i6 will sell like “hot cakes.”
Li Auto is now gearing up to launch the i6, a five-seater all-electric SUV, after it began delivering its six-seater i8 SUVs earlier this month. CEO Xiang Li said on Thursday during the earnings call that the company expects i8 deliveries to exceed 8,000 units by September. He said that the preparation for i6 is progressing smoothly and added that the product will expand the company’s lineup to cater to a broader audience base.
“The model has a very attractive design. It drives very well. It balances comfort and sportiness and has an excellent space experience. It precisely meets the needs of younger consumers and has the potential to become our sales driver in the best segment,” President Donghui Ma said.
Li Auto delivered 30,731 vehicles in July, and the new third-quarter outlook suggests that the company expects to deliver a similar number of vehicles in the next two months, despite the introduction of new products.
For the second quarter, the company reported total revenues of RMB30.2 billion, below an analyst estimate of RMB31.82 billion.
Adjusted and diluted net earnings per American depositary share (ADS) attributable to ordinary shareholders were RMB1.37 in the second quarter, lower than an estimated RMB1.73.
LI stock is down by 2% this year but up by 32% over the past 12 months.
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