Shares of Chinese electric vehicle company, Li Auto (NASDAQ:LI) jumped nearly 2.5% during pre-market trading Thursday following the release of a promising 3Q report. The electric automaker exceeded expectations, reporting an EPS of RMB3.29, surpassing the projected RMB2.77 by RMB0.52.
Revenue for the quarter came in at RMB34.68 billion versus the consensus estimate of RMB32.54 billion.
Total vehicle deliveries for the quarter reached 105,108 units, marking an impressive 296.3% surge compared to the same period last year.
Li Auto CEO, Xiang Li commented, “we achieved a number of breakthroughs across our delivery performance during the quarter, becoming China’s first emerging new energy automaker to reach the milestone of 500,000 cumulative deliveries. Each of our three Li L series models recorded over 10,000 monthly deliveries for three consecutive months since August, maintaining our position as the sales champion among SUVs and NEVs priced over RMB300,000 in China.”
The Company delivered 40,422 vehicles in the month of October, a remarkable 302.1% increase from the same time last year. Additionally, the Company expanded its reach, boasting 372 retail stores spanning 133 cities, along with 315 servicing centers and Li Auto-authorized body and paint shops operating in 210 cities.
“As we further expand our business scale, we will continue to maintain our profitability at a healthy level, while investing in research and development to propel the long-term growth of our business.” Added Mr. Xiang Li.
Li Auto released guidance for the 4Q, forecasting revenue between RMB38.46-39.38 billion. Li expects to report vehicle delivery numbers of between 125,000 and 128,000 vehicles, representing an increase of 169.9% to 176.3% from the 4Q of 2022.
Shares of LI are up 1.83% in pre-market trading on Thursday.