Li Auto (LI) prepares to report earnings for the second quarter early Tuesday with its delivery outlook for electric vehicles key as the China market slows. Li Auto stock continued to rally Monday, closing in on a record high after more than doubling year to date.
XThe EV startup is challenging EVgiants Tesla (TSLA) and BYD (BYDDF) in China, along with startup peers Nio (NIO) and XPeng (XPEV).
Li Auto Earnings
Estimates: Analysts expect Li Auto to swing to EPS of 25 cents from a net loss of three cents per share a year ago. They see revenue swelling 188%, year over year, to $3.723 billion, according to FactSet.
That would mark the fast-growing EV startup's first $3 billion quarter after it crossed $1 billion for the first time in Q3 2021 and $2 billion in Q4 2022.
Results: Check back Tuesday before the open.
Outlook: Wall Street sees Li Auto earning 58 cents per share for the full year, its first annual profit.
Analysts at Deutsche Bank expect Li Auto's management to guide Q3 deliveries of around 100,000 EVs, driven by strong demand for the new L7 and L8 hybrid SUVs.
Li Auto already reported July deliveries of 34,134 SUVs.
Li Auto Stock
Shares rose 1.7% to 46.63 in Monday's stock market action.
Li Auto stock notched a fresh 52-week high of 47.33 intraday Monday and has more than doubled year to date, soaring 128%. LI stock is on the cusp of topping its record 47.70 set in November 2020, a few months after its IPO.
The luxury EV startup has far outperformed peers Nio stock and XPeng in 2023 on robust deliveries while staying out of the price war started by Tesla.
Li Auto EV Deliveries, Targets
The Chinese EV startup belongs to the IBD 50 list of top growth stocks. Li Auto calls itself a leader in China's premium auto market for SUVs priced above RMB 300,000 (roughly $42,000).
In Q2, Li delivered 86,533 vehicles, well above prior guidance for 76,000-81,000. Sales were also up almost 65% from 52,584 EVs delivered in Q1.
The maker of premium vehicles said it surpassed its total 2022 deliveries in the first half of 2023 itself. Analysts have singled out Li among startups for its superior execution.
In July, Li Auto continued to see sales momentum. Nio and XPeng picked up on the back of new models.
Looking ahead, "Li Auto could be in a more defensive position as competition intensifies," Deutsche Bank analyst Edison Yu said in note to clients last week.
On Aug. 3, Li Auto rolled out a new version of its L9, removing certain features to enable a lower price.
The luxury EV startup will roll out its first all-electric model in Q4, the Mega minivan. Investors will be looking for updates about the Mega EV and when its new Beijing-area plant will begin production.
Tesla triggered an EV price war as China slows. China EV sales are expected to grow around 30% this year after more than doubling in 2021 and 2022.
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