Li Auto Inc., a leader in China's new energy vehicle market, reported unaudited financial results for the third quarter of 2024, ending September 30. The company achieved a 45.4% year-over-year increase in vehicle deliveries, reaching 152,831 vehicles. Total revenues for the quarter were RMB42.9 billion (US$6.1 billion), marking a 23.6% increase from the same period in 2023. Vehicle sales contributed RMB41.3 billion (US$5.9 billion) to the total revenue, a 22.9% increase year-over-year. The vehicle margin was reported at 20.9%, slightly down from 21.2% in the third quarter of 2023. Gross profit rose to RMB9.2 billion (US$1.3 billion), and the gross margin was 21.5%. Operating expenses increased by 9.2% to RMB5.8 billion (US$825.4 million), while income from operations surged by 46.7% to RMB3.4 billion (US$489.2 million). Net income saw a marginal increase to RMB2.8 billion...Show More

Li Auto Inc., a leader in China's new energy vehicle market, reported unaudited financial results for the third quarter of 2024, ending September 30. The company achieved a 45.4% year-over-year increase in vehicle deliveries, reaching 152,831 vehicles. Total revenues for the quarter were RMB42.9 billion (US$6.1 billion), marking a 23.6% increase from the same period in 2023. Vehicle sales contributed RMB41.3 billion (US$5.9 billion) to the total revenue, a 22.9% increase year-over-year. The vehicle margin was reported at 20.9%, slightly down from 21.2% in the third quarter of 2023. Gross profit rose to RMB9.2 billion (US$1.3 billion), and the gross margin was 21.5%. Operating expenses increased by 9.2% to RMB5.8 billion (US$825.4 million), while income from operations surged by 46.7% to RMB3.4 billion (US$489.2 million). Net income saw a marginal increase to RMB2.8 billion (US$401.9 million). The company also highlighted the achievement of one million cumulative vehicle deliveries and the successful release of the OTA 6.4 update, enhancing autonomous driving and user experience. Li Auto's ESG performance was recognized with an 'AAA' rating by MSCI ESG Research for the second consecutive year. Looking forward, the company expects vehicle deliveries between 160,000 and 170,000 for the fourth quarter of 2024, with total revenues projected to be between RMB43.2 billion (US$6.2 billion) and RMB45.9 billion (US$6.5 billion).