BEIJING (dpa-AFX) - Chinese electric vehicle manufacturer Li Auto Inc. (LI) on Friday posted lower profit in its fourth quarter, impacted by higher cost of sales. Quarterly revenues, however, rose 6.1 percent from last year. The company also revealed an outlook for the first quarter of 2025.
Quarterly net income after tax was RMB 3.53 billion or $484 million, down 38.6 percent from RMB 5.75 billion in the same period last year. Earnings per ADS declined 37.8 percent to RMB 3.31 or $0.45 from RMB 5.32 a year ago.
On an adjusted basis, earnings came in at RMB 4.04 billion or $553.4 million compared to RMB 4.59 billion in the prior-year quarter. Earnings per ADS was RMB 3.79, lower than RMB 4.23 last year.
The company posted revenues of RMB 44.27 billion or $6.1 billion in the three-month period, up 6.1 percent from RMB 41.73 billion in the year-ago quarter.
In the fourth quarter, vehicle sales rose 5.6 percent to RMB 42.6 billion or $5.8 billion from RMB 40.4 billion in the previous year.
Looking ahead to the first quarter of 2025, the company expects deliveries of vehicles to be between 88,000 and 93,000 vehicles, representing a year-over-year rise of 9.5 percent to 15.7 percent.
In the first quarter, total revenues are expected between RMB 23.4 billion or $3.2 billion and RMB 24.7 billion or $3.4 billion, representing a year-over-year decrease of 8.7 percent to 3.5 percent.
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