Li Auto Inc. (NASDAQ:LI) stock fell Wednesday after the Chinese electric vehicle maker reported mixed second-quarter results and issued a weak revenue outlook.
Revenue Beats Estimates Despite Annual Decline
Revenue fell 15.1% year over year to 25.7 billion Chinese yuan ($3.78 billion). Still, it topped the analyst estimate of $3.70 billion. Revenue increased 11.7% from the previous quarter.
Li Auto reported an adjusted loss of 1.49 yuan, or 22 cents, per American depositary share. Analysts expected a loss of 1 cent per share.
Vehicle sales declined 16.7% to $3.5 billion. Lower deliveries and a weaker product mix weighed on results. However, vehicle sales rose 11.8% sequentially as deliveries and average selling prices improved.
