Li Auto, a Chinese company that makes electric cars, said it got fewer orders than expected in March, which caused its profit to drop in the first quarter.
Li Auto said that its profit dropped 37% in the first quarter to 591 million renminbi, but sales went up 36% to 25.63 billion renminbi, which is $3.6 billion.
It made 1.21 renminbi, or 17 cents, per share after all costs were taken into account. FactSet polled analysts and found that they thought the company would make 24 cents per share on sales of $3.69 billion.
In pre-market trade, Li Auto shares LI, -13.34% fell 5%. This year, the stock has dropped 34%.
Li Auto said they delivered 80,400 cars, which is 53% more than the same time last year. It released the Li Mega in March. It is its first battery-electric vehicle with high-power charging.
It released the Li L6, a high-end family SUV with five seats, after the quarter ended.
It wants to deliver between 105,000 and 110,000 vehicles and make between $4.1 billion and $4.3 billion in the second quarter. This is less than the $5.17 billion that most people expected.
