Li Auto's U.S. stock fell more than 5% in pre-market trading following the release of its first-quarter 2025 financial results.

Li Auto announced that for the quarter ended March 31, 2025, revenues totaled 25.9 billion yuan ($3.6 billion), up 1.1% year-on-year and exceeding market expectations of 25.11 billion yuan.

During the quarter, Li Auto deliveries increased 15.5% year-over-year to 92,864 units, exceeding estimates of 91,087 units.

In the first quarter of 2025, revenue from vehicle sales was 24.7 billion yuan (US$3.4 billion), up 1.8% year-over-year and down 42.1% quarter-over-quarter.

Gross margin on vehicles was 19.8%, up 0.5 percentage points year-over-year and 0.1 percentage points quarter-over-quarter.

Net profit was 647.0 million yuan (US$89.1 million), up 9.4% year-over-year and down 81.7% quarter-over-quarter.

Non-GAAP net income was 1,014.0 million yuan (US$139.8 million), down 20.5% year-over-year and down 74.9% quarter-over-quarter.

Diluted net earnings per ADS attributable to ordinary shareholders was 0.62 yuan (US$0.08), up 10.7% year-on-year and down 81.3% quarter-over-quarter.

Li Auto said in its earnings results that it expects vehicle deliveries in the second quarter of 2025 to be 123,000 to 128,000 units, an increase of 13.3% to 17.9% year-over-year, compared with the market estimate of 128,852 units.

The Chinese EV maker expects second-quarter revenue to total 32.5 billion yuan ($4.5 billion) to 33.8 billion yuan ($4.7 billion), up 2.5% to 6.7% year-on-year, against a market estimate of 34.58 billion yuan.