Li Auto delivered 80,400 vehicles in the first quarter, exceeding the upper end of its lowered guidance range.

Li Auto (NASDAQ: LI) will report unaudited financial results for the first quarter of 2024 before the US stock market opens on Monday, May 20, the company announced today.

Already released figures show that Li Auto delivered 80,400 vehicles in the first quarter, up 52.90 percent year-on-year, but down 39 percent from the fourth quarter of 2023.

The quarterly deliveries exceeded the upper end of Li Auto's lowered guidance range.

The first quarter of the year is a slow season for vehicle deliveries, as the Chinese New Year holiday usually arrives in January or February, causing disruptions to production.

The company guided for deliveries of between 100,000 and 103,000 vehicles in the first quarter of 2024 when it announced its fourth quarter 2023 results on February 26, an increase of 90.2 percent to 95.9 percent from the first quarter of 2023.

On March 21, Li Auto announced that it was lowering that guidance to between 76,000 and 78,000 units due to lower-than-expected order intake.

The lower guidance comes just as deliveries of Li Auto's first battery electric vehicle (BEV) model, the Li Mega MPV (Multi-Purpose Vehicle), and updated L-series extended-range electric vehicle (EREV) have just begun.

The company officially entered the BEV segment with the launch of the Li Mega on March 1. It also launched the 2024 update for the three EREV models -- Li L7, Li L8 and Li L9 -- at that time.

Li Auto's management had previously mentioned several times that the Li Mega would be the best-selling model priced over RMB 500,000 in China.

However, the Li Mega was met with a lot of negative reviews after its launch, and the L-series models seem to have underperformed expectations.

Li Auto would lower delivery expectations and return to sustainable growth by refocusing on improving user value rather than competition, while maintaining operational efficiency, the company said on March 21.

Li Auto management will host an earnings call on Monday, May 20 at 8 pm Beijing Time (8 am US Eastern Time).

Participants wishing to join the call may complete an online registration prior to the start time of the call using the link provided below.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10038704-ogh75Er.html

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