By Michael Elkins
Shares of Li Auto Inc (NASDAQ:LI) are down almost 6.5%% in premarket trading Monday after the company reported 2Q results and offered forward-looking commentary during the earnings call.
The electric vehicle company reported a 2Q adjusted EPS loss of $(0.02), compared to an EPS of $0.01 in the year-ago period, while analysts were expecting an EPS loss of $(0.06). Revenue came in at $1.30 billion, up 73.3% YoY.
LI reported an adjusted EBITDA of $1.09 billion, up from $48 million in the year-ago quarter, and topping the analyst consensus of $963 million.
Quarterly deliveries reached 28,687 vehicles, up 63.2% YoY. In July 2022, the Company delivered 10,422 Li ONEs, representing a 21.3% increase from July 2021. As of July 31, 2022, the Company had 259 retail stores covering 118 cities, in addition to 311 servicing centers and Li Auto-authorized body and paint shops operating in 226 cities.
The company’s CEO, Xiang Li commented on what he believes to be a “solid second quarter”
Mr. Li commented, “We delivered solid second quarter results in an environment with challenges and uncertainties through operational and product excellence. Our vehicles continued to win family users, not only illustrating the strength of our vehicle and the growing appeal of our brand, but also reaffirming the effectiveness of our strategy.”