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Li Auto Inc. LI shares,
The Chinese electric vehicle maker climbed 29.3% to another record high on Friday, after the China-based electric vehicle maker reported its first quarterly results since its IPO, in which it reported a loss sharply higher than expected as revenue exceeded expectations as shipments continued to increase. The net loss narrowed to 320.7 million RMB ($ 47.2 million), or 0.52 RMB per share, after losing 345.2 million RMB, or 2.71 RMB in the second quarter sequential. The FactSet consensus was for a loss per share of RMB 0.38. Revenue increased 28.9% from the second quarter to 2.51 billion RMB ($ 369.8 million), above the FactSet consensus of 2.42 billion RMB. The gross margin improved to 19.8% from 13.3%. Shipments increased 31.1% quarter over quarter to 8,660, following growth of 128.0% to 6,604 in the second quarter. For the fourth quarter, Li Auto plans to deliver 11,000 to 12,000 vehicles. The stock had climbed 27.3% on Thursday ahead of results, following upbeat results from fellow Chinese VE manufacturer XPeng Inc. XPEV,
Shares of XPeng were up 10.2% in pre-market trading on Friday, and shares of Nio Inc.
which is expected to publish its results on November 17, climbed 6.7%. The rally takes place under the name of iShares MSCI China ETF MCHI,
climbs 1.3% ahead of the open and forward ES00,
for the S&P 500 SPX,
gains 0.7%.
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