Quarterly Results

"Li Auto delivered mostly in-line 1Q24 earnings results and 2Q24's volume outlook bracketed our forecast but pricing pressure appears much worse than anticipated," said Deutsche Bank.

Li Auto said it won't release any all-electric SUVs this year; they'll be released in the first half of next year. It said in its last earnings call that it would release three all-electric SUVs in the second half of 2024.

Li Auto guides for second-quarter vehicle deliveries to be in the range of 105,000 to 110,000, meaning it expects to deliver a total of 79,213 to 84,213 vehicles in May and June.

Xpeng delivered 21,821 vehicles in the first quarter, slightly above the lower end of the guidance range of 21,000 - 22,500 vehicles.

Li Auto delivered 80,400 vehicles in the first quarter, exceeding the upper end of its lowered guidance range.