Published on 28 May 2024 on Zacks via Yahoo Finance
EV Roundup: LI's Profits Fall in Q1, XPEV's Loss Narrows & More
Last week, China-based electric vehicle makers XPeng Inc. XPEV and Li Auto LI released their first-quarter 2024 results. The commercial EV developer Workhorse Group WKHS and EV charging solutions provider Beam Global BEEM also unveiled their quarterly results. Meanwhile, EV charging company ChargePoint Inc. CHPT also made it to the top stories with its partnership with Airbnb to simplify EV charger installation for U.S. Airbnb hosts, enhancing guest convenience.
Last Week’s Top Stories
Li Auto reported 17 cents per U.S. ADR in the first quarter of 2024, down 10.5% year over year. Revenues rose 36.4% to $3.6 billion in the quarter under review. Deliveries jumped 53% to 80,400 units. Vehicle sales (accounting for 94.6% of total revenues) were up 32.3% to $3.4 billion. However, Li Auto’s vehicle margin decreased to 19.3% in the first quarter of 2024, down from 19.8% in the first quarter of 2023 and 22.7% in the fourth quarter of 2023, owing to a reduction in the average selling price of vehicles. R&D and SG&A costs increased 64.6% and 81%, respectively, in the first quarter of 2024.