By Justina Lee
Li Auto Inc.'s shares in Hong Kong fell Monday, after the company posted a wider loss in the third quarter due to higher operating expenses.
Shares fell as much as 12.5% to 82.25 Hong Kong dollars and were recently 11.9% lower.
The Chinese electric vehicle manufacturer reported a net loss of 1.65 billion yuan (US$237.1 million) in the third quarter, compared with a net loss of CNY21.5 million a year earlier.
Revenue rose 20% to CNY9.34 billion, boosted by higher average selling prices, which helped push up vehicle sales. But a 73% jump in operating expenses more than offset stronger sales.
Li Auto's gross profit margin fell 8.9 percentage points on quarter to 12.7%, which was below the consensus forecast of around 14%-16%, mainly due to inventory provision and losses on purchase commitments related to the Li ONE model, Citi analysts say in a note.
However, Citi maintains its buy rating and target price of US$48 on Li Auto's U.S.-listed shares on optimism over the company's overall sales volume growth, supported by a strong product pipeline starting from next year.
Write to Justina Lee at justina.lee@wsj.com
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December 12, 2022 at 09:23AM
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