By Yifan WangLi Auto swung to a profit in the second quarter as the Chinese electric-car maker rode on soaring sales and better margins. The company posted a net profit of 2.29 billion yuan ($318.3 million) for the April-June period, turning around from a loss of CNY618.0 million. Its gross profit margin rose to 21.8% in the second quarter from 21.5% in the same period a year earlier, and improved from 20.4% in the first quarter of 2023. Li Auto also guided for third-quarter revenue of CNY32.33 billion to CNY33.30 billion. Write to Yifan Wang at yifan.wang@wsj.com(END) Dow Jones NewswiresAugust 08, 2023 05:22 ET (09:22 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal August 08, 2023 11:02 UTC