Li Auto Reports First Quarterly Loss in Three Years Amid Delivery Slump and Mega Recall
Li Auto reported a net loss of RMB 624 million ($87.7 million) for the third quarter, marking its first quarterly loss since Q4 2022. The company's financial struggles are attributed to a significant drop in vehicle deliveries and the recall of its Li Mega MPV model.Li Auto delivered only 93,211 vehicles during the third quarter, representing a 39% decline compared to the same period last year. This sharp decrease is part of an ongoing trend that has seen sales weaken throughout this year. The company's guidance for Q4 anticipates deliveries between 100,000 and 110,000 units, still down by about 35% from a year ago.The recall of the Li Mega MPV model is another factor contributing to Li Auto’s financial woes. The company has been facing challenges in maintaining its market position as it t...