Shares of Li Auto (LI) are on the rise on Wednesday after the Chinese electric vehicle maker reported better than expected first quarter sales but higher losses per share. Li said it expects to deliver 14,500-15,500 vehicles in the second quarter. RESULTS: Li Auto reported first quarter revenue of $546M, which was better than the expected $522.52M, and losses per share of (3c), with consensus at (2c). Vehicle sales accounted for roughly 97% of the company’s total sales. The company also said that vehicle margins more than doubled year-over-year to 16.9%, but were slightly below the previous quarter at 17.1%. Li Auto ended the quarter with cash and cash equivalents, restricted cash, time deposits and short-term investments of $4.63B. The company had previously disclosed deliveries of 12,579 in the first quarter, down from the 14,464 vehicles delivered in the fourth quarter. Li said it expects to deliver 14,500-15,500 vehicles in the second quarter. PRICE ACTION: In Wednesday morning trading, shares of Li Auto have jumped 16% to $23.17.
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