Summary by Moomoo AI
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
