Smart and Sustainable Electric Mobility
This represents a year-on-year increase of 1013 percent-1179 percent, and a quarterly increase of 17 percent-35 percent.
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The sharp decline in gross margin was due to a huge hit of $803 million from inventory provisioning and loss of purchase commitments related to the accelerated phase-out of Li ONE.
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Li Auto's fourth-quarter delivery guidance of 45,000 to 48,000 vehicles means it expects to deliver 19,914 to 22,914 vehicles in December.
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"We expect a somewhat messy quarter due to accelerated phase-out of the Li ONE materially hurting margins," Deutsche Bank analyst Edison Yu's team said.
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XPeng expects fourth-quarter deliveries of 20,000 to 20,100,000 units and expects fourth-quarter revenue of RMB 4.8 billion to RMB 5.1 billion.
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Previously released data has shown that Li Auto delivered 26,524 vehicles in the third quarter, below the guidance range of 27,000 to 29,000 vehicles.
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The key to XPeng regaining relevance is winning back demand, and that could take several quarters, creating significant uncertainty heading into 2023.
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