Li Auto's Third-Quarter Revenue More Than Tripled as Deliveries Hit Record

By Clarence Leong

Li Auto Inc.'s third-quarter revenue more than tripled as its vehicle deliveries hit a record, while net loss narrowed from a year earlier.

The Chinese electric-vehicle maker reported revenue of 7.78 billion yuan ($1.22 billion) for the quarter ended September, compared with CNY2.51 billion a year earlier, Li Auto said Monday.

The company delivered a total of 25,116 Li ONEs during the quarter, nearly three times the year-earlier figure of 8,660. Deliveries were in line with the company's original estimate for 25,000-26,000 vehicles, and higher than the revised guidance in September for 24,500 deliveries amid chip shortages.

Net loss was CNY21.5 million, sharply narrowing from net loss of CNY106.9 million last year.

For the fourth quarter, the company expects to deliver between 30,000 and 32,000 vehicles, more than doubling from a year earlier. Li Auto guided for revenue of between CNY8.82 billion and CNY9.41 billion.

"In light of our strong order intake and users' rising acceptance of smart electric vehicles, we remain as enthusiastic as ever about our growth prospects," Li Auto CEO Xiang Li said.

Write to Clarence Leong at [e-mail]

(END) Dow Jones Newswires

11-29-21 0454ET