Li Auto Inc., a prominent player in China's new energy vehicle market, reported its unaudited financial results for the first quarter of 2024 on May 20, 2024. The company saw a significant increase in vehicle deliveries, reaching 80,400 units, which is a 52.9% year-over-year growth. Despite this, Li Auto experienced a decrease in net income, which dropped by 36.7% from the same quarter in the previous year to RMB591.1 million (US$81.9 million). The company's total revenues for the quarter were RMB25.6 billion (US$3.6 billion), marking a 36.4% increase from the first quarter of 2023, but a 38.6% decrease from the fourth quarter of 2023. The gross margin remained relatively stable year-over-year at 20.6%, while the operating margin turned negative at -2.3%. Li Auto also highlighted the launch and...Show More

Li Auto Inc., a prominent player in China's new energy vehicle market, reported its unaudited financial results for the first quarter of 2024 on May 20, 2024. The company saw a significant increase in vehicle deliveries, reaching 80,400 units, which is a 52.9% year-over-year growth. Despite this, Li Auto experienced a decrease in net income, which dropped by 36.7% from the same quarter in the previous year to RMB591.1 million (US$81.9 million). The company's total revenues for the quarter were RMB25.6 billion (US$3.6 billion), marking a 36.4% increase from the first quarter of 2023, but a 38.6% decrease from the fourth quarter of 2023. The gross margin remained relatively stable year-over-year at 20.6%, while the operating margin turned negative at -2.3%. Li Auto also highlighted the launch and delivery of new models, including the high-tech flagship family MPV, Li MEGA, and the premium family SUV, Li L6. The company's CEO, Xiang Li, expressed confidence in the brand's leadership position in the market and its ability to navigate the changing landscape. CFO Tie Li emphasized the solid financial results despite new model rollouts and pricing adjustments. Li Auto's outlook for the second quarter of 2024 includes an expected delivery of 105,000 to 110,000 vehicles and total revenues projected to be between RMB29.9 billion (US$4.1 billion) and RMB31.4 billion (US$4.3 billion).