Li Auto Inc. (NASDAQ: LI) reported second-quarter 2024 adjusted earnings per ADS of 20 cents, down from 36 cents reported in the year-ago quarter. Rising costs and price reductions due to higher competition amid falling EV demand resulted in a year-over-year decline. The China-based EV maker generated total revenues of $4.36 billion, up from $3.95 billion reported in the year-ago quarter on higher year-over-year vehicle deliveries. It sold 108,581 units, up from 86,533 in the second quarter of 2023.
The company reported gross profit of $850 million, down from $859.9 million in the year-ago quarter. The gross margin fell to 19.5% compared with 21.8% in the second quarter of 2023 due to a dip in vehicle margin. Research and development expenses rose to $416.6 million from $334.5 million in the second quarter of 2023 due to higher expenses to support the expanding range of products and technologies as well as increased employee compensation resulting from a larger workforce. Selling, general and administrative expenses increased to ...
