By Sam Boughedda
Investing.com -- Shares of Li Auto Inc (NASDAQ:LI) jumped over 11% in early Tuesday trading after the company reported earnings for the first quarter.
The Chinese electric vehicle firm posted adjusted diluted earnings per share of RMB 0.23 on revenue of RMB 9.56 billion, beating earnings estimates but missing revenue expectations.
Revenue rose 167.5% from the first quarter of 2021 but decreased 10% from the fourth quarter of 2021.
Quarterly deliveries reached 31,716 vehicles, representing a 152.1% year-over-year increase. However, they were down compared to the fourth quarter as the company faced supply chain and Covid-related lockdown headwinds.
Xiang Li, founder, chairman, and chief executive officer of Li Auto, commented that the recent pandemic resurgence and associated supply chain interruptions have been challenging, and "uncertainty remains for the near future.”
Despite disruptions, the company said it is pushing ahead with its plan to begin deliveries of its second model, the L9, in the third quarter.
The company expects deliveries of vehicles between 21,000 and 24,000 in the second quarter, below the aforementioned 31,716 deliveries in Q1.
Second-quarter revenues are seen between RMB 6.16 billion and RMB 7.04 billion.