Li Auto Swings to Loss on Sharply Lower Sales

Li Auto LI 0.60%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.