Li Auto stock dips after company shows wider loss than expected

Shares of Li Auto Inc.
LI,
-11.44%
were off more than 1% in premarket trading Friday after the Chinese electric-vehicle company logged a wider-than-expected loss for its latest quarter. The company posted a third-quarter net loss of RMB1.65 billion ($231.3 million), or RMB1.68 per American depositary share, compared with a loss of RMB21.5 million, or RMB0.02 per ADS, in the year-earlier period. After adjustments, Li Auto lost RMB1.27 per ADS, compared with RMB0.34 per ADS a year before. The FactSet consensus was for an adjusted loss of RMB0.76 per ADS. Total revenue reached RMB9.34 billion from RMB7.78 billion a year before, while analysts were expecting RMB9.48 billion. “In the third quarter, we navigated our model succession and launch cycle, as well as a challenging macro environment and cost inflation,” Chief Financial Officer Tie Li said in a release. For the fourth quarter, Li Auto anticipates deliveries of 45,000 to 48,000 vehicles, along with total revenue of RMB16.51 billion to RMB17.61 billion. The FactSet consensus was for RMB16.98 billion in revenue.