Shares of Li Auto (NASDAQ:) jumped about 8% in premarket trading Monday after the electric vehicle (EV) maker reported better-than-expected earnings, revenue and vehicle deliveries for the fourth quarter of fiscal 2023.
Earnings per share (EPS) came in at 4.23 yuan, beating the consensus estimate of 93 cents. The company’s quarterly revenue reached 41.73 billion yuan, also exceeding the estimated 39.8 billion yuan.
The automaker saw significant year-over-year growth in vehicle deliveries, reporting 131,805 units compared to 46,319 units last year, beating the 127,821 units expected.
Li Auto also reported an improvement in gross margin to 23.5% from 20.2% year-on-year, beating the 21.6% expected by analysts.
Looking ahead, Li Auto forecast first-quarter 2024 revenue to be between 31.25 billion yuan and 32.2 billion yuan, below the consensus estimate of 36.37 billion yuan.
The company expects vehicle deliveries to range from 100,000 to 103,000 units, less than the 116,604 units it had planned.
“Unfazed by the fierce competition in the NEV market in 2023, Li Auto has achieved outstanding results with its three Li L series models,” said Mr. Xiang Li, Chairman and CEO of Li Auto.
“With our significantly growing scale, continued R&D advancements, and continued improvements in operational efficiencies throughout the year, 2023 will be our best financial result yet, laying a strong foundation for Li Auto’s growth to diversify its product matrix and serve a wider range of needs. users in 2024,” he added.