Li Auto (NASDAQ: LI) delivered disappointing Q3 results with revenues of $1.27 billion, up 22.5% year-over-year but still fell short of Street estimates by $60 million.
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The adjusted loss came in at $0.18 per American Depository Share (ADS), wider than analysts’ expectations of a loss of $0.11.
At the end of Q3, Li delivered 26,524 units, an increase of 5.6% year-over-year.
Analysts are upbeat about LI stock with a Strong Buy consensus rating based on unanimous six Buys.
In addition, Li Auto announced management changes with the current President and Director, Yanan Shen resigning from the company, effective January 1, 2023.
LI’s Board of Directors has promoted Donghui Ma from Chief Engineer to President and Director of the company, effective on January 1. In another change, Yan Xie will be the new CTO, effective on December 12.
In Q4, Li expects vehicle deliveries to be between 45,000 and 48,000 vehicles, a growth of 27.8% to 36.3% from the same period last year.
Total revenues in the fourth quarter are anticipated to be between $2.32 billion and $2.47 billion, an increase of 55.4% to 65.8% year-over-year.
