Chinese electric car start-up Li Auto expects it will sell fewer cars than Nio has been delivering

A Li Xiang One hybrid SUV is on show through the 18th Guangzhou International Automobile Exhibition on November 23, 2020 in Guangzhou, China.

Li Zhihao | Visual China Group | Getty Images

BEIJING — Nasdaq-listed Chinese automaker Li Auto forecast deliveries beneath that of its rivals for the primary quarter.

Li Auto stated late Thursday it anticipated to ship between 10,500 and 11,500 cars within the first quarter of the yr, or fewer than 4,000 automobiles a month. Shares fell 9.8% within the New York buying and selling session amid a broader market sell-off. The inventory shed one other 3.75% in after-hours commerce.

Nio, which competes instantly with Li Auto within the high-end SUV market, has delivered extra than 7,000 items in each December and January. The firm is about to share its newest monetary report on Monday.

Xpeng delivered 5,700 cars in December and extra than 6,000 in January.

Although the start-ups’ figures level to speedy development, they nonetheless pale as compared with Tesla. Elon Musk’s electric car firm delivered practically half 1,000,000 automobiles worldwide final yr, or a median of extra than 41,000 cars a month.

Even with the Lunar New Year vacation that fell in mid-February this yr, Li Auto’s weak steerage is regarding, stated Tu Le, founding father of Beijing-based advisory agency Sino Auto Insights.

He identified that versus the opposite start-ups, the corporate solely has one product, and stated to maintain up it ought to ship not less than 5,000 to 7,000 automobiles a month.

Li Auto’s solely automobile, the Li One, is a hybrid electric automobile that comes with a gasoline tank for charging the battery.

Analysts have stated the characteristic makes the Li One enticing for Chinese customers apprehensive about working out of energy with out entry to a charging station.

Last yr, the Li One ranked among the many high 10 high-end SUVs offered in China no matter gasoline sort, in response to the passenger car affiliation. However, the corporate stated deliveries fell to five,379 items in January, down from 6,126 a month earlier.

The firm reported whole income of 4.15 billion yuan ($635.5 million) for the fourth quarter, up from 2.51 billion yuan within the prior quarter.

Li Auto tasks whole income within the first three months of this yr to fall inside the efficiency of the final two quarters, with an anticipated vary of two.94 billion yuan to three.22 billion yuan.

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