Li Auto Reports Second Quarter 2024 Financial Results

Li Auto Reports Second Quarter 2024 Financial Results

Beijing, China, Aug. 28, 2024 (GLOBE NEWSWIRE) - Li Auto Inc. ("Li Auto" or the "Company"), a leader in China's new energy vehicle market, announced its unaudited financial results for the quarter ended June 30, 2024.

Key Financial Metrics

The financial performance for the second quarter indicates a strong increase in vehicle sales and total revenue on both a year-over-year and a quarter-over-quarter basis. Despite these gains, net income and gross profit saw declines compared to the same quarter last year, reflecting increased costs and competitive market conditions.

Segment Performance

Vehicle sales remain the primary revenue driver, showing solid growth driven by increased vehicle deliveries. The revenue from other sales and services nearly doubled year-over-year, although it stayed relatively stable compared with the previous quarter.

Key Developments and Operational Highlights

• Second Quarter Deliveries: 108,581 vehicles, representing a 25.5% YoY increase.
• Retail and Service Network: As of June 30, 2024, the Company had 497 retail stores in 148 cities, 421 service centers, and 614 supercharging stations in operation.
• Technological Advancements:
• OTA updates for Li MEGA and Li L series introducing features in autonomous driving, smart space, and smart electric features.
• New autonomous driving architecture integrating E2E and VLM models.

Comments from Company Officers

Mr. Xiang Li, Chairman and CEO: "Li Auto has emerged as the sales champion of Chinese automotive brands in the RMB200,000 and above NEV market. Our second-quarter deliveries exceeded 108,000 vehicles, a testament to our product strength and recalibrated operating strategy. We have made substantial progress in autonomous driving, rolling out high-definition map-independent NOA with nationwide coverage to over 240,000 users and our next-gen E2E model and VLM."

Mr. Tie Li, CFO: "Despite intense market competition, our second-quarter deliveries drove a 10.6% year-over-year revenue increase. As Li L6 production stabilizes and our efficiency measures take effect, we expect increased margins and cash flow in the second half of the year. We remain committed to investing in technology and product advancements while optimizing our cost structure."

Dividends and Share Repurchase Programs

No announcement regarding dividends or share repurchase programs was included in the current earnings release.

Forward Guidance

For the third quarter of 2024, Li Auto expects: - Vehicle deliveries: 145,000 to 155,000, an increase of 38.0% to 47.5% YoY. - Total revenues: RMB39.4 billion (USD5.4 billion) to RMB42.2 billion (USD5.8 billion), representing a YoY increase of 13.7% to 21.6%.

Stock Price Movement

Following the earnings release, Li Auto's stock experienced a 1.08% increase.

Li Auto Inc. remains focused on maintaining its strong market position and advancing its technological capabilities to enhance its growth trajectory and operational performance. For more detailed updates, please refer to the company’s investor relations website.

The report is well-structured and contains all necessary information for investors. No changes are required.