BRIEF: Li Auto’s sales growth slows in October
Electric vehicle (EV) maker Li Auto Inc. (LI.US; 2015.HK) said on Friday it delivered 51,443 vehicles in October, up 27.3% year-on-year. The growth rate represented a slowdown from this year’s third quarter, when the company’s sales rose 45% to 152,831 vehicles, according to Li Auto’s latest quarterly results also released last week.
Li Auto said it delivered a total of 393,255 vehicles in the first 10 months of this year, up 38% year-on-year. “In October, the company achieved a significant milestone with over 1 million cumulative deliveries, becoming the first Chinese premium automotive brand to reach this landmark,” Li Auto said.
China’s new energy vehicle (NEV) market is the world’s largest, accounting for more than half of global sales thanks to strong government support. But as sales growth slows, Chinese NEV makers are increasingly looking to global markets to continue their expansion – meeting with opposition from some countries that accuse them of receiving unfair government support.
Li Auto is one of China’s few EV makers that is profitable. It reported a profit of 2.81 billion yuan ($395 million) in this year’s third quarter, roughly the same as its 2.82 billion yuan profit a year earlier. Its vehicle margin improved slightly over the period to 21.2% from 20.9%. The company’s stock was up 3.7% in late Monday morning trade in Hong Kong.
By Doug Young
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