Li Auto-W (02015) shares fell nearly 4% following the release of its financial results. As of the latest update, the stock was down 3.8%, trading at HK$58.15 with a turnover of HK$212 million.

On May 28, the company released its first-quarter 2026 financial report. Total revenue for the quarter was RMB 23.0 billion, representing a year-over-year decrease of 11.4% and a quarter-over-quarter decline of 20.1%. The company reported a net loss of RMB 2.3 billion, a significant reversal from the net profit of RMB 647 million recorded in the same period last year.

Vehicle sales revenue for the first quarter was RMB 21.5 billion, down 12.7% year-over-year, primarily attributed to a lower average selling price due to changes in the product mix. Sequentially, revenue fell 21.0%, mainly due to reduced vehicle deliveries related to the seasonal impact of the Spring Festival holiday and, again, a lower average selling price from a different product mix.

In terms of deliveries, Li Auto delivered a total of 95,142 vehicles in the first quarter, a 2.5% increase year-over-year. The new Li L9 model was launched and began deliveries in May of this year.

Looking ahead to the second quarter, the company expects total revenue to be between RMB 24.1 billion and RMB 25.4 billion, representing a year-over-year decrease of 20.2% to 16.0%. This guidance falls below the consensus analyst estimate of RMB 29.28 billion. The company anticipates vehicle deliveries for Q2 to be in the range of 95,000 to 100,000 units, a year-over-year decrease of 14.5% to 10.0%.