Li Auto reported a profit and better-than-expected revenue after delivering more than 105,000 electric vehicles in the third quarter, up from 26,500 a year earlier, benefitting from soaring demand in China for new-energy vehicles, reports Caixin. Revenue totaled RMB 34.7 billion ($4.8 billion) in the three months through September, a 271% increase from a year earlier and 21% higher than the previous quarter, the Chinese automaker said Thursday in a statement.
The revenue figure topped analyst estimates of RMB 33.7 billion. The company had forecast it would deliver 100,000 to 103,000 EVs in the quarter. Li Auto’s shares gained 3.8% in Hong Kong Thursday. They’ve risen more than 140% in the past 12 months.
Net income climbed to RMB 2.81 billion, rebounding from a RMB 1.65 billion net loss in the third quarter of 2022, when Li Auto was recovering from Covid lockdowns and was among the companies hardest hit by power cuts in Sichuan.