Shares dropped 8.7% as investors reacted negatively to cautious delivery guidance indicating deceleration in sales growth and margin pressure from rising raw material and chip costs.
- Q2 deliveries totaled 107,658 vehicles, representing 49.4% year-over-year growth, but Q3 guidance narrowed to 108,000-111,000 units, signaling a moderation in growth.
- Gross margin stood at 18.4%, supported by higher-margin products and cost optimization, yet raw material and chip cost pressures constrained expansion.
- The company maintained non-GAAP operating profit and positive free cash flow, increasing cash reserves to RMB 56.7 billion.
- Flagship models ES8 and ES9 led the premium segment with strong user adoption, but competitive pressures and margin compression warrant caution.
- Continued investment in smart driving technology and infrastructure expansion signals long-term strategic focus but adds near-term execution risks.
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