Chinese electric vehicle maker Li Auto Inc. continued to post losses in the second quarter, albeit lower than the three months earlier, as deliveries soared by triple digits, the company announced in a filing.
- Net loss stood at RMB235.5 million, 34.6% lower than the net loss of RMB360 billion in the first quarter, but 213.2% wider than the RMB75.2 billion in the second quarter of 2020. Basic and diluted net loss per share were both RMB0.07.
- Revenues climbed 40.9% quarter-on-quarter to RMB5.04 billion, while vehicle sales gained 41.6% to RMB4.90 billion. The company raised over $1.5 billion net from its dual listing.
- July deliveries hit 8,589 vehicles, with the Li ONE topping sales charts in the large SUV and new energy SUV categories during the month. This brought second-quarter deliveries to 17,575 vehicles, and cumulative vehicles grew above 70,000 vehicles.
- Li Auto last week signed an investment deal with a fully-owned subsidiary of Xinchen China Power Holdings Limited to put up a company in Mianyang, Sichuan province, which will focus on the development and the manufacturing of next-generation range extension systems.
The company ended June with 97 retail stores and 167 servicing centers in 64 cities and body and paint shops in 127 cities. LI is up 1.57% premarket.