China-based Li Auto (LI) reports third-quarter earnings early Monday, as the electric-vehicle startup gears up to offer more models and investors look to see if chip woes are beginning to wane. Li Auto stock fell.
XLi Auto sells just one vehicle, the hybrid-electric Li One sport utility vehicle. But co-founder and President Yanan Shen said in a call with Li Auto stock investors in August that more models are on the way.
"We have three platforms under development: the X platform for our next-generation EREV (extended range electric vehicle) with the first model to be released in 2022, and the Whale and the Shark platform for our (battery electric vehicle) models to be launched in 2023."
Li Auto delivered 7,649 vehicles in October, more than double the year-ago period and slightly higher than 7,094 in September. Like other automakers, Li Auto production has been hampered by parts and chip shortages. However, industry watchers say supplies appear to be improving.
Rival Nio (NIO) reported record deliveries of more than 10,600 vehicles in September. But deliveries plunged to 3,667 in October because the company is upgrading production lines and adjusting operations for new models. In a call with investors on Nov. 10, Nio warned that deliveries will fall to 23,500 to 25,500 units in the fourth quarter. That's up by as much as 46.9% from the year-ago period but down by as much as 4.3% from the third quarter.
However, Xpeng (XPEV) told investors in a call on Nov. 23 that its fourth-quarter deliveries will rocket to 34,500 to 36,500. That's up from the third quarter's 25,666 and 166% to 181.5% higher than last year's fourth quarter.
China-based EV makers are expected to release China deliveries later next week.
Li Earnings Report
Estimates: FactSet analysts expect Li Auto to narrow its losses to 3 cents a share vs. an 8-cents-a-share loss in the same period last year. Sales are seen swelling nearly 207% to $1.135 billion.
Results: Check back Monday.
Li Auto Stock
Shares fell as much as 5.3% intraday on the stock market today, but cut those losses to down 0.7% to 32.40. Li Auto stock is in a long consolidation with a 34.93 handle buy point, according to MarketSmith.
Getting above the $33 area might offer an early entry, but the stock's action is a little messy after the moves of the past few days.
Li Auto stock's relative strength line is ticking upward. Its RS Rating is 69 out of a possible 99. Its EPS Rating is just 33. as Li Auto is not yet profitable.
Management reported gross margin reached 18.9% last quarter, up 5.6% year over year. However, investors in Li Auto stock are betting that the company will be profitable in 2022.
Meanwhile, Nio stock dropped 3.5%, Xpeng stock slumped 5.6% and BYD (BYDDF) fell 4.9%.
U.S.-based EV maker Tesla (TLSA) fell 3%, while Lucid (LCID) lost 2.2% and recent IPO Rivian (RIVN) was down 3%.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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Li Auto Stock Falls Ahead Of Earnings, Amid EV Sector Slump - Investor's Business Daily
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