Li Auto LI 1.10%increase; green up pointing triangle reported its first quarterly net loss in three years amid slowing demand and significant sales pressure, in a reversal of fortune for the plug-in hybrid specialist once considered one of the more successful Chinese automakers.
The company swung to a third-quarter net loss of 625.0 million yuan, equivalent to $88.2 million, from net profit of 2.81 billion yuan a year earlier. That missed the 439.8 million yuan profit consensus estimate in a Visible Alpha poll by a wide margin.
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