Shares of Li Auto (NASDAQ: LI) were up in pre-market trading at the time of writing on Wednesday after the Chinese auto major delivered a beat on both the top line and bottom line in the first quarter. The company reported adjusted diluted net earnings of $0.21 per ADS in Q1 beating analysts’ estimates of $0.05 per ADS.
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The company posted revenues of $2.74 billion in Q1, a jump of 96.5% year-over-year versus analysts’ expectations of $2.73 billion. In addition, LI delivered 25,681 vehicles in April, an increase of 516.3% year-over-year. The company’s vehicle sales soared 96.9% year-over-year to $2.67 billion in Q1.
LI also initiated its forecast for the second quarter of FY23 and expects to deliver between 76,000 and 81,000 vehicles, representing an increase of 164.9% to 182.4% year-over-year. In Q2, the company forecasted revenues in the range of $3.53 billion to $3.77 billion, a growth between 177.4% and 196.1% year-over-year.
Analysts are bullish about LI stock with a Strong Buy consensus rating based on five unanimous Buys.
