What happened

Shares of Li Auto (LI -3.45%) surged today, up by 15% as of 12:30 p.m. EDT, after the company reported first-quarter earnings. The results were mixed compared to analyst  expectations, and guidance was a little lacking.

So what

Revenue in the first quarter came in at $545.7 million, ahead of the consensus estimate of $522.5 million in sales. That resulted in an adjusted net loss per American depositary share (ADS) of $0.03, slightly worse than the $0.02 per ADS in red ink that analysts were modeling for. The Chinese electric vehicle (EV) company said deliveries more than quadrupled to 12,579. Li Auto now has 65 retail stores and 135 service centers.

Li ONE SUV

Image source: Li Auto.

"Li ONE was the second best-selling new energy SUV in China in the first quarter as our compelling product offering and superior user experience continued to delight users and boost brand awareness, while the unwavering support of our direct sales and servicing network underpinned our growth," CEO Xiang Li said in a statement.

Now what

Earlier this week, Li Auto unveiled the new 2021 model of the Li ONE, which includes an improved suite of active safety features. The company also issued $862.5 million in convertible notes last month.

Guidance for the second quarter calls for vehicle deliveries of 14,500 to 15,500, which should generate $609 million to $651.7 million in revenue. That forecast is light compared to the consensus estimate of $704.5 million. Investors may be encouraged that Li Auto expects monthly deliveries to reach 10,000 in September.