Shares of Chinese electric vehicle maker Li Auto (LI) plummeted by 13.89% on October 31, 2024, after the company reported its third-quarter earnings and provided a disappointing outlook for the fourth quarter.
While Li Auto beat analysts' expectations for Q3 earnings and revenue, its guidance for the fourth quarter fell short of estimates. The company expects to deliver between 160,000 and 170,000 vehicles in Q4, 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.
Despite a 45% year-over-year increase in vehicle deliveries in Q3, Li Auto's revenue growth was much lower at 24%, indicating the impact of lower average selling prices amid intense competition and pricing pressure in the Chinese electric vehicle market. The company's margins were also affected by price cuts on flagship models and the low pricing of its new L6 SUV.
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