Li Auto (HKG:2015) posted a net loss attributable to ordinary shareholders of 2.29 billion yuan for the first quarter, swinging from a net income of 650.3 million yuan a year earlier, according to a Thursday Hong Kong bourse filing.

Loss per share came in at 1.13 yuan, compared with earnings per share of 0.31 yuan in the prior-year period.

Revenue fell 11% to 23 billion yuan from 25.9 billion yuan a year earlier.

For the second quarter, the company expects vehicle deliveries of 95,000 to 100,000 units, representing a year-over-year decline of 14.5% to 10%.

Li Auto also forecast second-quarter revenue of 24.1 billion yuan to 25.4 billion yuan, down 20% to 16% from a year earlier.