Hyperdrive
China’s Li Auto Aims to Deliver Over 100,000 EVs in Quarter
- Automaker swung to profit in three months ended in June
- Shares drop after results posted in early trading in New York
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Chinese electric carmaker Li Auto Inc. raised its revenue guidance and said it expects to deliver more than 100,000 vehicles in the third quarter after reporting better-than-expected quarterly results Tuesday.
Li Auto swung to a net profit of 2.7 billion yuan ($375 million) in the three months through June on revenue of 28.7 billion yuan, it said in a statement Tuesday. It delivered a record 86,533 vehicles and gross margin hit 21.8%.