Li Auto Inc. LI announced Wednesday better-than-expected first-quarter revenues and an improvement in margins. The revenue guidance for the second quarter was below estimates. The company also shared details about the new Li ONE SUV model that it launched Tuesday.
What Happened: Li Auto reported first-quarter revenue of $545.7 million, up about 319.8% year-over-year. On a quarter-over-quarter basis, revenues were down 13.8%.
Vehicle sales accounted for roughly 97% of the company's total sales.
Vehicle margins more than doubled year-over-year to 16.9%, although the figure represents a contraction from 17.1% in the previous quarter.
The net loss per share on a non-GAAP basis was 0.20 yuan (3 cents). This compares to a loss per share of 0.40 yuan in the fourth quarter and a loss per share of 1.83 yuan in the year-ago quarter.
Analysts, on average, were estimating a loss of 2 cents per share on revenues of $522.52 million.
Li Auto ended the quarter with cash and cash equivalents, restricted cash, time deposits and short-term investments of $4.63 billion.
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The company delivered 12,579 vehicles in the first quarter, up 334.4% year-over-year. The momentum continued into April, with deliveries more than doubling to 5,539 vehicles.
"Li ONE was the second best-selling new energy SUV in China in the first quarter as our compelling product offering and superior user experience continued to delight users and boost brand awareness, while the unwavering support of our direct sales and servicing network underpinned our growth," said Li One's founder, chairman and CEO Xiang Li.
Peers Nio Inc. NIO and XPeng, Inc. XPEV also reported strong quarterly results.
Li Auto Launches Li ONE: Li Auto said it officially released the 2021 Li ONE, with navigation and advanced driver assistance systems as standard configuration.
Priced at 338,000 yuan, it features comprehensive upgrades, including an enhanced NEDC range of 1,080 kilometers, optimized mobility comfort, and more intelligent cockpit. The company expects to begin deliveries of the 2021 Li ONE June 1.
Li Auto's Outlook: For the second quarter, the company expects deliveries of 14,500-15,500 and revenue of $609 million-$651.7 million.
The consensus estimates called for revenue of $704.52 million and break-even results on the bottom-line.
LI Price Action: The stock was rallying 9.53% to $21.90 at last check.
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