Li Auto Inc. Report Summary

Li Auto Inc. (NASDAQ: LI), a leader in China's New Energy Vehicle (NEV) market, has showcased significant growth across its vehicle deliveries and revenues in its Q3 2024 earnings report.

Key Facts

• Vehicle Deliveries: More than 152,000 units delivered, indicating a 45.4% increase year-over-year.
• Market Share: Increased to 17.3% in the NEV sector.
• Total Revenues: Reached RMB 42.9 billion ($6.1 billion), marking a 23.6% year-over-year growth.
• Gross Margin: Stood at 21.5%.
• Future Projections: Q4 delivery estimates between 160,000 to 170,000 vehicles with anticipated revenues of RMB 43.2 to 45.9 billion.
• Expansion: Retail network now consists of 479 stores and 436 service centers.
• ESG Rating: Received an AAA ESG rating from MSCI for the second consecutive year.

Company Outlook

• Vehicle deliveries for Q4 are expected between 160,000 to 170,000.
• Q4 revenues projected between RMB 43.2 billion to 45.9 billion.
• Focus on enhancing autonomous driving technology with advancements planned for the next 3 to 5 years.
• Expansion in international markets targeting Middle East and Central Asia; delays in Western Europe and North America.

Financial Highlights

• SG&A expenses rose by 32.1% due to increased compensation for performance awards.
• Free cash flow decreased to RMB 9.1 billion from RMB 13.2 billion.

Performance Insights

• NEV penetration in China reached 50.3%.
• Maintained a strong cash position of RMB 106.5 billion ($15.2 billion).
• Cumulative vehicle deliveries surpassed 1 million, the fastest among emerging NEV brands in China.
• The Li L6 model achieved over 139,000 deliveries within six months.

Challenges

• Slight decrease in diluted net earnings per ADS from RMB 2.67 to RMB 2.66.

Li Auto’s performance in Q3 2024 highlights their growth, market leadership, and commitment to innovation within the NEV sector. Their future strategies focus on expansion, enhanced technology, and maintaining a strong financial position.

Investor Relations

For further inquiries, please contact Li Auto's Investor Relations team.