Li Auto Q1 2024 Poor Earnings Revenue and Net Income fownh 38.6% and 89.7% QoQ
$Li Auto(LI.US$ $Tesla(TSLA.US$ $BYD COMPANY(01211.HK$ $NIO Inc(NIO.US$ $XPeng(XPEV.US$ Li Auto stock fell more than 15% in intraday amid a poor earnings report. The company reported revenue of RMB 25.6 billion yuan ($3.6 billion) in the first quarter down 38.6 percent from RMB 41.7 billion in the fourth quarter of 2023.
Li Auto delivered 80,400 vehicles in the first quarter, down 39 percent from the fourth quarter of last year.
Li Auto's first-quarter net income was RMB 591.1 million, down 36.7 percent from a year earlier and down 89.7 percent from the fourth quarter.
Li Auto's gross margin was 20.6 percent in the first quarter, lower than 23.5 percent in the fourth quarter of 2023. It had a vehicle margin of 19.3 percent in the first quarter, down from 19.8 percent in the same period last year and down from 22.7 percent in the fourth quarter of 2023.
Free cash flow was negative RMB 5.1 billion in the first quarter, compared to RMB 6.7 billion in the first quarter of 2023 and RMB 14.6 billion in the fourth quarter.
My Take: The poor earnings report is expected due to the lower demand in China EV. Its delivery is predominantly in China and facing difficulty in expansion to the global market. The company joined price cutting triggered by BYD in February caused a decline in profitability. The earnings looked worse than BYD and Tesla.
Source:
$BYD COMPANY(01211.HK$ $BYD Co.(BYDDF.US$ $S&P 500 Index(.SPX.US$ $Nasdaq Composite Index(.IXIC.US$ $Tesla(TSLA.US$ $VOLKSWAGEN A G(VWAGY.US$ $NIO Inc(NIO.US$ $Li Auto(LI.US$ $XPeng(XPEV.US$ $General Motors(GM.US$ $Ford Motor(F.US$ $Rivian Automotive(RIVN.US$ $MERCEDES-BENZ GROUP AG(MBGAF.US$ $TOYOTA MOTOR CORP(TOYOF.US$ $GEELY AUTO(00175.HK$ $Stellantis NV(STLA.US$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
2552Followers
89Following
11KVisitors
Follow
ZnWCOP : $LI AUTO-W (02015.HK)$ fell more than 19% and share price hit new 52-wks low 80.150 this morning. Some media reported the earnings "meet expectation" but the share price reflected that the investor's confidence is shaken. Price pull back or more dip coming, we have to monitor.