Li Auto (NASDAQ:LI) saw its shares jump around 8% in premarket trading Monday after the electric vehicle (EV) maker reported better-than-expected earnings, revenue, and vehicle deliveries for the fiscal Q4 2023.
Earnings per share (EPS) were reported at RMB4.23, topping the consensus estimates of 93 cents. The company's quarterly revenue reached RMB41.73 billion, also above the estimated RMB39.8 billion.
The automaker saw a significant year-over-year increase in vehicle deliveries, reporting 131,805 units compared to last year's 46,319, and exceeding the anticipated 127,821 units.
Li Auto also reported an improvement in gross margin to 23.5% from 20.2% year-over-year, topping the 21.6% expected by analysts.
Looking ahead, Li Auto forecasts revenue for the first quarter of 2024 to be between RMB31.25 billion and RMB32.2 billion, which is below the consensus projection of RMB36.37 billion.
The company expects vehicle deliveries to range from 100,000 to 103,000 units, short of the estimated 116,604 units.
“Undeterred by the fiercely competitive NEV market in 2023, Li Auto achieved an outstanding performance with its three Li L series models,” said Mr. Xiang Li, chairman and chief executive officer of Li Auto.
“With our significantly increasing scale, continued research and development advancement, and consistently improving operating efficiency throughout the year, 2023 marks our best financial performance yet, setting a solid foundation for Li Auto’s growth to diversify its product matrix and cater to a broader range of user needs in 2024,” he added.