Chinese electric vehicle manufacturer Li Auto announced its second-quarter financial report on Monday, showing a net loss of 235.5 million yuan ($36.5 million), a decrease of 34.6% compared with 360 million yuan in the first quarter of 2021.
Deliveries of the Li ONE model totaled 17,575 vehicles in the second quarter of 2021, representing a 166.1% year-on-year increase. In July alone, the company delivered 8,589 Li ONEs.
As of July 31, 2021, the EV maker operated 109 retail stores covering 67 cities, in addition to 176 servicing centers and Li Auto-authorized body and paint shops located across 134 cities.
Vehicle sales yielded 4.90 billion yuan in the second quarter of 2021, representing an increase of 41.6% from the 3.46 billion yuan earned in the same period last year. The vehicle margin was 18.7% in the second quarter of 2021, compared with 16.9% in the previous quarter.
Total revenues were 5.04 billion yuan in the second quarter of 2021, representing an increase of 40.9% from 3.58 billion in the first quarter of the year.
“With the completion of our global offering and dual primary listing, we successfully raised over $1.5 billion in net proceeds, positioning us well for future growth,” said Li Tie, Li Auto’s CFO.
For the third quarter of 2021, the company expects deliveries of vehicles to fall between 25,000 and 26,000 units, surpassing its competitor NIO‘s prediction that its delivery of automobiles in the same period will total between 23,000 and 25,000 vehicles.
On August 27, Li Auto signed an investment agreement with a wholly-owned subsidiary of Xinchen China Power Holdings Limited relating to the formation of a company to be held in the majority by the company in Mianyang, Sichuan Province, to develop and manufacture a next generation range extension system for the company.