Hyperdrive
Li Auto’s Loss Bigger Than Expected After Power Cuts Snag Supply
A Li One electric sport utility vehicle at a showroom in Shanghai, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s Li Auto Inc. reported a bigger quarterly loss than expected after power outages in a key manufacturing region led to a shortage of parts, curtailing production, while a transition to new models hurt sales of an earlier electric vehicle.
Li’s net loss widened to 1.65 billion yuan ($237 million) in the three months through September, from a loss of 21.5 million yuan a year earlier, according to a statement Friday. Analysts had forecast on average a loss of 815 million yuan, according to data compiled by Bloomberg.