A Li Xiang One hybrid SUV is on display during the 18th Guangzhou International Automobile Exhibition on November 23, 2020 in Guangzhou, China.
Li Zhihao | Visual China Group | Getty Images
BEIJING – Chinese automaker listed on Nasdaq Li Auto project deliveries below those of its competitors in the first quarter.
Li Auto said on Thursday night that it expects to deliver between 10,500 and 11,500 cars in the first quarter of the year, or less than 4,000 vehicles per month. The shares fell 9.8% on the New York floor amid a broader wave of sales in the market. The stock fell another 3.75% in the negotiations after the exchange closed.
Xpeng delivered 5,700 cars in December and more than 6,000 in January.
Although start-up numbers point to rapid growth, they are still pale compared to Tesla. Electric car from Elon Musk company delivered almost half a million vehicles worldwide last year, or an average of more than 41,000 cars a month.
Even with the Lunar New Year holiday that fell in mid-February this year, Li Auto’s weak orientation is worrying, said Tu Le, founder of Beijing-based consulting firm Sino Auto Insights.
He pointed out that, compared to other start-ups, the company has only one product and said that to maintain it, it must deliver at least 5,000 to 7,000 vehicles per month.
Li Auto’s only vehicle, the Li One, is a hybrid electric vehicle that comes with a fuel tank to charge the battery.
Analysts said the feature makes Li One attractive to Chinese consumers worried about running out of power without access to a charging station.
Last year, Li One ranked among the top 10 SUVs sold in China, regardless of fuel type, according to the passenger car association. However, the company said deliveries dropped to 5,379 units in January, below 6,126 a month earlier.
The company posted total revenue of 4.15 billion yuan ($ 635.5 million) in the fourth quarter, up from 2.51 billion yuan in the previous quarter.
Li Auto projects that total revenue in the first three months of this year will remain within the performance of the last two quarters, with an expected range of 2.94 billion yuan to 3.22 billion yuan.