Li Auto NASDAQ:LI reported weaker June deliveries as competition in China's electric vehicle market continued to pressure growth.
The company delivered 30,895 vehicles in June, down 14.8% from 36,279 a year earlier and 7.4% below May's 33,350 deliveries. Still, Li Auto's cumulative deliveries reached 1,733,687 vehicles year to date, up about 29.6% from last year.
The company also said cumulative production of its Li i6 battery-electric SUV topped 150,000 units in June. Li Auto is trying to refresh demand with new models, including the all-new Li L8, a five-seat flagship SUV launched on June 23 and scheduled to roll out in July.
The June decline stands in contrast to Nio, which delivered 40,597 vehicles, up 62.9% year over year.
For investors, the takeaway is that Li Auto's long-term growth remains intact, but near-term delivery momentum is slowing. The next thing to watch is whether the Li L8 launch helps reverse the monthly decline.