Chinese EV major, Li Auto (NASDAQ: LI) was down in pre-market trading at the time of writing on Tuesday even as the company reported diluted net earnings of $0.36 per ADS in Q2, beating Street estimates of $0.25 per share.
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LI’s revenues surged by 228.1% year-over-year to $3.95 billion in the second quarter and were above consensus estimates of $3.73 billion. The company delivered 86,533 units in Q2, up by 201.6% year-over-year.
Looking forward, in Q3, Li expects revenues to be in the range of $4.46 billion to $4.59 billion while vehicle deliveries are projected to be between 100,000 and 103,000 vehicles. In FY23, the company is targeting revenues of RMB100 billion.
Analysts are bullish about LI stock with a Strong Buy consensus rating based on seven Buys and one Hold.
