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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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Shen has served as president of Li Auto since November 2015. His last day with the company is expected to be around the end of June 2023.
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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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Li Auto achieved a new record in deliveries
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Li Auto delivered a record 15,034 vehicles in November, a single-month high, according to figures released today.
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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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Deliveries of the Li L9 Max are expected to be delayed by one week and the Li L8 Pro by 2-3 weeks.
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