How difficult Li is in this very competitive, cutthroat market!
$Li Auto(LI)$ $LI AUTO-W(02015)$ 1Q24 results miss on both revenue and EPS.
This was made worse by a lower than expected 2Q24 guidance of 105k to 110k vehicle deliveries - still a growth of ~25% YoY.
Operating expenses grew out of proportion to revenues primarily due to significant hike in employee count and salaries. This is likely to correct in 2Q24 and fully reflected in 3Q24.
From the looks of it, their Li MEGA isn't doing very well. This division faces the largest layoffs (called "staff optimization") as demand for $78K multipurpose vehicle (a.k.a Cyber Van) isn't up to expectations.
Proves just how difficult it is in this very competitive, cutthroat market. $XPeng Inc.(XPEV)$ $XPENG-W(09868)$ $NIO Inc.(NIO)$ $NIO Inc.(NIO.SI)$ $NIO-SW(09866)$ $Tesla Motors(TSLA)$ $BYD Co., Ltd.(BYDDF)$ $BYD COMPANY(01211)$
https://x.com/BrianTycangco/status/1792501170055115151
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- Alvin2042·05-21Li Auto misery is giving some breathing space to the lines of Nio n Xpeng in that pure EVs will be push back to next year or maybe later.LikeReport