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Li Auto Reports Surprise Net Loss; Stock Rises as Revenue Beats

TheStreet logo TheStreet 8/30/2021 Tony Owusu
a close up of a car: Li Auto Reports Surprise Net Loss; Stock Rises as Revenue Beats © TheStreet Li Auto Reports Surprise Net Loss; Stock Rises as Revenue Beats

Shares of Li Auto were rising after the Chinese electric vehicle maker reported a surprise second-quarter loss and revenue that topped estimates.

At last check shares of Li Auto were rising 1.7% to $29.84.

The Beijing company reported a loss of 2 cents a share as revenue nearly tripled from a year earlier to $780.4 million.

Analysts were expecting a break-even quarter with revenue of $722.2 million, according to FactSet.

"We expect our enhanced product lineup and increased deliveries following production ramp-up to help us continue to deliver strong results," said Chief Executive Xiang Li.

The company reported second quarter deliveries of 17,575, including 8,589 vehicles in July of its Li One model. The company delivered over 70,000 vehicles total in the quarter.

The company's loss from operations was $83 million. The company's adjusted loss from operations was $56.6 million.

Vehicle margin was 18.7% in the quarter, compared to 16.9% in the first quarter.

The company is reportedly considering the possibility of an offshore production base, maybe in Europe, as a springboard to taking its vehicles global.

This article was originally published by TheStreet.

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