Why Li Auto (LI) Shares Are Trading Higher Premarket Today - Li Auto (NASDAQ:LI)

Li Auto Inc LI reported first-quarter FY23 sales growth of 96.5% year-on-year to $2.736 billion, slightly missing the consensus of $2.750 billion.
Adjusted earnings per ADS of $0.200 beat the consensus of $0.010.
Vehicle sales increased 96.9% to $2.67 billion, mainly attributable to the increase in vehicle deliveries and the higher average selling price contributed by the Li L series.
Total vehicle deliveries were 52,584 units in Q1, a 65.8% year-on-year increase.
Vehicle margin fell 260 basis points Y/Y to 19.8%.
Gross profit increased 77% Y/Y to $557.7 million, with the margin contracting 220 basis points to 20.4%.
Non-GAAP income from operations was $128.9 million.
The company held cash and equivalents of $9.46 billion. Cash provided by operating activities was $1.13 billion, up 324.3% Y/Y.
As of March 31, 2023, the company had 299 retail stores covering 123 cities, as well as 318 servicing centers and Li Auto-authorized body and paint shops operating in 223 cities.
In April 2023, the company delivered 25,681 vehicles, representing an increase of 516.3% from April 2022.
Outlook: Li Auto sees Q2 FY23 revenue of $3.53 billion - $3.77 billion (consensus $3.29 billion), representing an increase of 177.4% - 196.1% Y/Y.
LI expects Q2 vehicle deliveries of 76,000 – 81,000, representing an increase of 164.9% - 182.4% Y/Y.
Price Action: LI shares traded higher by 5.93% at $26.24 in premarket on the last check Wednesday.
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Li Auto's Q1 Performance: 97% Topline Growth, Higher Deliveries, Robust Q2 Outlook