Movement Alert|Li Auto Falls 3.25% in Regular Trading, May Deliveries Down 18% YoY While Q1 Swings to Loss

Market Focus06-02

On June 2, Li Auto fell 3.25% in regular trading, trading at 56.8 HKD/share, with trading volume of 211 million HKD.

On the news front, the company reported May deliveries of 33,350 units, down 18.37% year-over-year and 2.16% sequentially, significantly lagging peers such as Leapmotor (81,569 units, +81% YoY) and NIO (37,705 units, +62.3% YoY). Macquarie cut its target price to 57 HKD and Jefferies lowered its target to 58.1 HKD on the same day.

The delivery weakness compounds ongoing pressure from Q1 results reported on May 28, which showed revenue of 23.0 billion yuan (down 11% YoY) and a non-GAAP net loss of 2.12 billion yuan versus a profit of 960 million yuan a year earlier. Vehicle gross margin collapsed to 6.1% from 19.8%, driven by lower average selling prices, product mix shifts, and inventory clearance. Q2 revenue guidance of 24.1-25.4 billion yuan also fell well short of analyst expectations of 29.88 billion yuan, intensifying concerns over near-term profitability recovery.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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