RTTNews | Nov 29, 2021 06:39AM EST

06:39 Monday, November 29, 2021 (RTTNews.com) - Shares of Chinese electric vehicle maker Li Auto Inc. (LI) are up more than 7% in pre-market on Monday after reporting more than 200% revenue growth in the third quarter, better than analysts' view. The company also provided fourth quarter revenue outlook, that came in higher than the Street estimates.

Revenue for the third quarter increased 209.7% year-over-year at RMB7.78 billion or $1.21 billion, driven by about 200% growth in vehicle sales. Analysts polled by Thomson Reuters expected the company to report revenue of $1.16 billion.

The company reported net loss of RMB21.5 million or $3.3 million in the third quarter, narrower than RMB106.9 million last year.

Loss per ADS was RMB0.02 or $0.00 in the third quarter.

Excluding one-time items, earnings were RMB0.34 or $0.05per share, that beat the consensus estimate of $0.02 loss per share.

The company said it delivered 7,649 Li ONEs in October, a 107.2% increase from October last year.

Looking forward to the fourth quarter, Li Auto expects total revenues to be between $1.37 billion and $1.46 billion. The consensus estimate stands at $1.35 billion.

Li Auto stock closed Friday's regular trading at $32.40, down $0.22 or 0.67%. The stock is currently at $34.85.

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