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Chinese EV maker Li Auto loses 20% on stock market after profit slump
Li Auto shares opened nearly 20% lower in Hong Kong on Thursday, after the Chinese electric-vehicle maker’s first-quarter profit plunged 36.7%.
© Lusa
Auto China
Li Auto reported a 36.7% year-over-year decline in first-quarter profit to 591.1 million yuan ($75.3 million), and an 89.7% plunge from the previous quarter, falling short of analysts’ estimates.
The results show how “the brutal price war is taking a toll on major players” in the world’s largest market for electric vehicles, weighing on investor sentiment, Eric Han, an analyst at consultancy Suolei, was quoted as saying by the Hong Kong-based South China Morning Post.
Intense competition and high research and development costs mean that only a handful of companies are profitable in China’s EV market.
Li Auto is among them, having delivered more than 376,000 vehicles as of 2023.
Electric cars accounted for 24% of new car sales in China last year, according to industry data. Including hybrids, the share of new-energy vehicles in total sales reached 36%.
However, since the sector was included in five-year plans outlined by the ruling Communist Party, hundreds of EV brands have sprung up in the country, leading to excess production capacity and a financial sustainability problem: more than 60% of Chinese EV makers sell fewer than 10,000 cars a year.
A fierce price war that started last year has forced brands to slash prices by 30% to 40%, which is expected to lead to industry consolidation in the coming years.
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