Shares of Chinese electric vehicle maker Li Auto (LI) plummeted more than 11% on October 31, 2024, after the company reported disappointing third-quarter earnings and provided a weaker-than-expected outlook for the fourth quarter.
Li Auto's Q3 2024 revenue of $6.11 billion missed analysts' consensus estimate of $41.67 billion, while adjusted earnings per American Depositary Share (ADS) of $0.52 fell significantly short of the expected $2.31. Despite beating on vehicle deliveries, the company's financial performance was weighed down by lower average selling prices and intense competition in the Chinese EV market.
The company's Q4 2024 guidance also appeared to disappoint investors. Li Auto expects to deliver between 160,000 and 170,000 vehicles in the fourth quarter, generating revenue in the range of $6.2 billion to $6.5 billion. However, analysts had projected higher revenue of $6.71 billion for the quarter.
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