Shares of Chinese electric vehicle maker Li Auto plummeted over 8% on Thursday, after the company reported a slight decline in profit for the third quarter despite higher revenue, as lower selling prices weighed on earnings.
Li Auto said its net profit fell 0.3% to 2.81 billion yuan ($395 million) in the third quarter, despite a 24% increase in revenue to 42.87 billion yuan. The company cited intense price competition and lower average selling prices as factors that pressured its gross margins, which declined to 21.5% from 22% a year earlier.
The Beijing-based EV maker has been facing intense competition from rivals like Huawei-backed Seres and XPeng, which has led to price cuts for its flagship models and a low price tag for its recently launched premium SUV, the L6. While these moves have helped boost sales volumes, with Li Auto delivering 152,831 vehicles in the quarter, they have also weighed on profitability.
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