Li Auto stock rallies after profit more than doubles expectations, even as revenue comes up shy

Shares of Li Auto Inc. LI rallied 4.5% in premarket trading Monday, after the China-based electric vehicle maker reported a fourth-quarter profit that was more than double what was expected even as revenue came up a bit shy. Net income fell to RMB265.9 million , or RMB0.25 per American depositary share, from RMB295.5 million, or RMB0.29 per ADS, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of RMB0.98 beat the FactSet consensus of RMB0.47.

Net income fell to RMB265.9 million , or RMB0.25 per American depositary share, from RMB295.5 million, or RMB0.29 per ADS, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of RMB0.98 beat the FactSet consensus of RMB0.47. Total revenue grew 66.2% to RMB17.65 billion , below the FactSet consensus of RMB17.82 billion. Deliveries increased 31.5% to 46,319 EVs. Cost of sales grew 70.9% to RMB14.08 billion, as gross margin contracted to 20.2% from 22.4%.

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