Li Auto Sales Disappoint Amid Tepid Demand for Pure Electric Car

(Bloomberg) — Li Auto Inc.’s first-quarter vehicle sales missed analyst estimates as deliveries of its first pure electric car fell short of its own target.

The Chinese automaker reported sales of 24.25 billion yuan ($3.6 billion) for the three months ending March 31, up 32% year-on-year but short of the 26.71 billion yuan analysts were looking for.

The Beijing-based company’s first-quarter net income was 1.3 billion yuan, it said in a statement Monday. Analyst expectations were for a 1.6 billion-yuan profit, according to data compiled by Bloomberg.