LI AUTO-W Shares Decline Over 3% Following May Delivery Report Showing 18.37% Year-on-Year Drop

Stock News06-02

Shares of LI AUTO-W (02015) fell more than 3% in today's trading session.

At the time of writing, the stock was down 3.33% to HK$56.6, with a trading turnover of HK$155 million.

This movement follows the release of May delivery figures by several automakers on June 1st.

LI AUTO-W reported delivering 33,400 new vehicles in May, representing an 18.37% decrease compared to the same period last year and a slight sequential decline of approximately 2%.

This performance follows the company's first-quarter results, which showed total revenue of RMB 23 billion, down 11.4% year-on-year and 20.1% quarter-on-quarter.

The company reported a net loss of RMB 2.3 billion for the quarter, a reversal from a net profit of RMB 647 million in the same period last year.

In a recent research report, J.P. Morgan maintained a cautious long-term view on LI AUTO-W, noting that the intensely competitive market environment limits the potential for significant positive surprises in sales and profitability.

The firm reiterated its "underweight" rating on the stock and lowered its Hong Kong-listed share price target from HK$60 to HK$56.

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