Li Auto Inc. Announces Unaudited Second Quarter 2024 Financial Results
Li Auto Inc. announced its unaudited second quarter 2024 financial results. Quarterly revenues were RMB31.7 billion (US$4.4 billion), a 23.6% increase from Q1 2024 and 10.6% from Q2 2023. Vehicle sales totaled RMB30.3 billion (US$4.2 billion), up 25.0% from Q1 2024 and 8.4% year-over-year. The company delivered 108,581 vehicles, marking a 25.5% year-over-year increase.
Gross profit was RMB6.2 billion (US$850 million), a 16.9% rise from Q1 2024, but a 0.9% decline year-over-year. Net income stood at RMB1.1 billion (US$151.5 million), down by 52.3% year-over-year but an 86.2% increase from Q1 2024. Non-GAAP net income was RMB1.5 billion (US$206.8 million), down 44.9% year-over-year and up 17.8% from Q1 2024.
Free cash flow was negative RMB1.9 billion (US$254.9 million), compared to RMB9.6 billion in Q2 2023 and negative RMB5.1 billion in Q1 2024. Li Auto expects Q3 2024 vehicle deliveries to range between 145,000 and 155,000, with projected revenues between RMB39.4 billion and RMB42.2 billion.
Li Auto Inc. ha annunciato i suoi risultati finanziari non revisionati per il secondo trimestre del 2024. Le entrate trimestrali sono state di 31,7 miliardi di RMB (4,4 miliardi di dollari USA), con un aumento del 23,6% rispetto al Q1 2024 e del 10,6% rispetto al Q2 2023. Le vendite di veicoli hanno totalizzato 30,3 miliardi di RMB (4,2 miliardi di dollari USA), in aumento del 25,0% rispetto al Q1 2024 e dell'8,4% su base annua. L'azienda ha consegnato 108.581 veicoli, segnando un incremento del 25,5% su base annua.
Il profitto lordo è stato di 6,2 miliardi di RMB (850 milioni di dollari USA), con un aumento del 16,9% rispetto al Q1 2024, ma una diminuzione del 0,9% su base annua. L'utile netto si è attestato a 1,1 miliardi di RMB (151,5 milioni di dollari USA), in calo del 52,3% su base annua ma con un aumento dell'86,2% rispetto al Q1 2024. L'utile netto non GAAP è stato di 1,5 miliardi di RMB (206,8 milioni di dollari USA), in diminuzione del 44,9% su base annua e in aumento del 17,8% rispetto al Q1 2024.
Il flusso di cassa libero è stato negativo per 1,9 miliardi di RMB (254,9 milioni di dollari USA), rispetto ai 9,6 miliardi di RMB nel Q2 2023 e ai 5,1 miliardi di RMB negativi nel Q1 2024. Li Auto prevede che le consegne di veicoli nel Q3 2024 varranno tra 145.000 e 155.000, con ricavi previsti tra 39,4 miliardi di RMB e 42,2 miliardi di RMB.
Li Auto Inc. anunció sus resultados financieros no auditados para el segundo trimestre de 2024. Los ingresos trimestrales fueron de 31,7 mil millones de RMB (4,4 mil millones de dólares estadounidenses), un aumento del 23,6% con respecto al Q1 2024 y del 10,6% con respecto al Q2 2023. Las ventas de vehículos totalizaron 30,3 mil millones de RMB (4,2 mil millones de dólares estadounidenses), un incremento del 25,0% respecto al Q1 2024 y del 8,4% interanual. La compañía entregó 108,581 vehículos, marcando un aumento del 25,5% interanual.
El beneficio bruto fue de 6,2 mil millones de RMB (850 millones de dólares estadounidenses), un aumento del 16,9% respecto al Q1 2024, pero una disminución del 0,9% interanual. La utilidad neta se situó en 1,1 mil millones de RMB (151,5 millones de dólares estadounidenses), un descenso del 52,3% interanual, pero un aumento del 86,2% desde el Q1 2024. La utilidad neta no GAAP fue de 1,5 mil millones de RMB (206,8 millones de dólares estadounidenses), un descenso del 44,9% interanual y un aumento del 17,8% desde el Q1 2024.
El flujo de caja libre fue negativo por 1,9 mil millones de RMB (254,9 millones de dólares estadounidenses), en comparación con 9,6 mil millones de RMB en el Q2 2023 y 5,1 mil millones de RMB negativos en el Q1 2024. Li Auto espera que las entregas de vehículos en el Q3 2024 se sitúen entre 145,000 y 155,000, con ingresos proyectados entre 39,4 mil millones de RMB y 42,2 mil millones de RMB.
Li Auto Inc.는 2024년 2분기 재무 결과를 감사받지 않은 채 발표했습니다. 분기 매출은 317억 위안(44억 달러)으로, 2024년 1분기 대비 23.6%, 2023년 2분기 대비 10.6% 증가했습니다. 차량 판매 총액은 303억 위안(42억 달러)으로, 2024년 1분기 대비 25.0% 증가했으며, 전년 대비 8.4% 증가했습니다. 회사는 108,581대를 인도하여 전년 동기 대비 25.5% 증가를 기록했습니다.
총이익은 62억 위안(8억 5천만 달러)으로, 2024년 1분기 대비 16.9% 증가했지만, 전년 대비 0.9% 감소했습니다. 순이익은 11억 위안(1억 5천 150만 달러)으로, 전년 대비 52.3% 감소했지만 2024년 1분기 대비 86.2% 증가했습니다. 비GAAP 순이익은 15억 위안(2억 6천 8백만 달러)으로, 전년 대비 44.9% 감소했으며, 2024년 1분기 대비 17.8% 증가했습니다.
자유 현금 흐름은 -19억 위안(2억 5천 490만 달러)으로, 2023년 2분기의 96억 위안과 2024년 1분기의 -51억 위안에 비해 감소했습니다. Li Auto는 2024년 3분기 차량 인도가 145,000대에서 155,000대 사이가 될 것으로 예상하며, 예상 매출은 394억 위안에서 422억 위안 사이입니다.
Li Auto Inc. a annoncé ses résultats financiers non vérifiés pour le deuxième trimestre de 2024. Les revenus trimestriels se sont élevés à 31,7 milliards de RMB (4,4 milliards de dollars), soit une augmentation de 23,6% par rapport au T1 2024 et de 10,6% par rapport au T2 2023. Les ventes de véhicules ont totalisé 30,3 milliards de RMB (4,2 milliards de dollars), en hausse de 25,0% par rapport au T1 2024 et de 8,4% d'une année sur l'autre. L'entreprise a livré 108.581 véhicules, enregistrant une augmentation de 25,5% d'une année sur l'autre.
Le bénéfice brut a atteint 6,2 milliards de RMB (850 millions de dollars), une hausse de 16,9% par rapport au T1 2024, mais une baisse de 0,9% par rapport à l'année précédente. Le bénéfice net s'est établi à 1,1 milliard de RMB (151,5 millions de dollars), en baisse de 52,3% par rapport à l'année précédente mais en hausse de 86,2% par rapport au T1 2024. Le bénéfice net non-GAAP s'est chiffré à 1,5 milliard de RMB (206,8 millions de dollars), en baisse de 44,9% d'une année sur l'autre et en hausse de 17,8% par rapport au T1 2024.
Le flux de trésorerie libre était négatif de 1,9 milliard de RMB (254,9 millions de dollars), contre 9,6 milliards de RMB au T2 2023 et -5,1 milliards de RMB au T1 2024. Li Auto s'attend à ce que les livraisons de véhicules au T3 2024 varient entre 145 000 et 155 000, avec des revenus projetés entre 39,4 milliards de RMB et 42,2 milliards de RMB.
Li Auto Inc. hat ihre nicht geprüftes Finanzresultate für das zweite Quartal 2024 bekannt gegeben. Der Quartalsumsatz betrug 31,7 Milliarden RMB (4,4 Milliarden US-Dollar), was einem Anstieg von 23,6% im Vergleich zum Q1 2024 und 10,6% im Vergleich zum Q2 2023 entspricht. Der Verkaufsumsatz von Fahrzeugen betrug 30,3 Milliarden RMB (4,2 Milliarden US-Dollar), ein Anstieg von 25,0% im Vergleich zum Q1 2024 und 8,4% im Jahresvergleich. Das Unternehmen lieferte 108.581 Fahrzeuge aus, was einem Anstieg von 25,5% im Jahresvergleich entspricht.
Der Bruttogewinn betrug 6,2 Milliarden RMB (850 Millionen US-Dollar), was einem Anstieg von 16,9% im Vergleich zum Q1 2024, aber einem Rückgang von 0,9% im Jahresvergleich entspricht. Der Nettogewinn belief sich auf 1,1 Milliarden RMB (151,5 Millionen US-Dollar), was einem Rückgang von 52,3% im Jahresvergleich entspricht, jedoch einem Anstieg von 86,2% im Vergleich zum Q1 2024. Der Non-GAAP-Nettogewinn betrug 1,5 Milliarden RMB (206,8 Millionen US-Dollar), ein Rückgang von 44,9% im Jahresvergleich und ein Anstieg von 17,8% im Vergleich zum Q1 2024.
Der freie Cashflow war negativ mit 1,9 Milliarden RMB (254,9 Millionen US-Dollar), verglichen mit 9,6 Milliarden RMB im Q2 2023 und 5,1 Milliarden RMB negativ im Q1 2024. Li Auto erwartet, dass die Fahrzeugauslieferungen im Q3 2024 zwischen 145.000 und 155.000 liegen werden, mit prognostizierten Einnahmen zwischen 39,4 Milliarden RMB und 42,2 Milliarden RMB.
- Quarterly revenues increased by 23.6% from Q1 2024 and 10.6% year-over-year.
- Vehicle sales rose by 25.0% from Q1 2024 and 8.4% year-over-year.
- Deliveries reached 108,581, a 25.5% year-over-year increase.
- Net income increased by 86.2% from Q1 2024.
- Gross profit increased by 16.9% from Q1 2024.
- Net income decreased by 52.3% year-over-year.
- Non-GAAP net income decreased by 44.9% year-over-year.
- Free cash flow was negative RMB1.9 billion, compared to RMB9.6 billion in Q2 2023.
- Gross profit decreased by 0.9% year-over-year.
- Vehicle margin decreased to 18.7% from 21.0% year-over-year.
Insights
Li Auto's Q2 2024 results show mixed performance. While quarterly revenues increased
The decrease in profitability is concerning, with operating margin falling to
Looking ahead, Li Auto's Q3 2024 guidance of 145,000-155,000 deliveries suggests continued strong growth. However, investors should monitor margins and profitability closely in the coming quarters.
Li Auto's performance in Q2 2024 reflects the intensifying competition in China's premium EV market. Despite challenging conditions, the company has maintained its position as a leading Chinese brand in the RMB200,000+ NEV segment. The introduction of new models like Li MEGA and the Li L series has helped drive sales growth.
The company's focus on autonomous driving technology is noteworthy. The rollout of map-independent NOA and the new E2E/VLM architecture demonstrates Li Auto's commitment to innovation. This could be a key differentiator in the competitive Chinese market.
However, the decline in vehicle margin to
Li Auto's Q2 results highlight both opportunities and challenges in China's EV market. The company's ability to grow deliveries by
The expansion of Li Auto's retail network to 497 stores across 148 cities indicates a strategic focus on increasing market penetration. This, combined with the growth in charging infrastructure, should support future sales growth.
However, the negative free cash flow of
The company's Q3 guidance suggests continued strong growth, but investors should watch for improvements in profitability and cash flow generation in the coming quarters.
Quarterly total revenues reached RMB31.7 billion (US
Quarterly deliveries reached 108,581 vehicles
BEIJING, China, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended June 30, 2024.
Operating Highlights for the Second Quarter of 2024
- Total deliveries for the second quarter of 2024 were 108,581 vehicles, representing a
25.5% year-over-year increase.
| 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | |||||||
| Deliveries | 108,581 | 80,400 | 131,805 | 105,108 | ||||||
| 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | |||||||
| Deliveries | 86,533 | 52,584 | 46,319 | 26,524 | ||||||
- As of June 30, 2024, in China, the Company had 497 retail stores in 148 cities, 421 servicing centers and Li Auto-authorized body and paint shops operating in 220 cities, and 614 super charging stations in operation equipped with 2,726 charging stalls.
Financial Highlights for the Second Quarter of 2024
- Vehicle sales were RMB30.3 billion (US
$4.2 billion ) in the second quarter of 2024, representing an increase of8.4% from RMB28.0 billion in the second quarter of 2023 and an increase of25.0% from RMB24.3 billion in the first quarter of 2024.
- Vehicle margin2 was
18.7% in the second quarter of 2024, compared with21.0% in the second quarter of 2023 and19.3% in the first quarter of 2024.
- Total revenues were RMB31.7 billion (US
$4.4 billion ) in the second quarter of 2024, representing an increase of10.6% from RMB28.7 billion in the second quarter of 2023 and an increase of23.6% from RMB25.6 billion in the first quarter of 2024.
- Gross profit was RMB6.2 billion (US
$850.0 million ) in the second quarter of 2024, representing a decrease of0.9% from RMB6.2 billion in the second quarter of 2023 and an increase of16.9% from RMB5.3 billion in the first quarter of 2024.
- Gross margin was
19.5% in the second quarter of 2024, compared with21.8% in the second quarter of 2023 and20.6% in the first quarter of 2024.
- Operating expenses were RMB5.7 billion (US
$785.6 million ) in the second quarter of 2024, representing an increase of23.9% from RMB4.6 billion in the second quarter of 2023 and a decrease of2.7% from RMB5.9 billion in the first quarter of 2024.
- Income from operations was RMB468.0 million (US
$64.4 million ) in the second quarter of 2024, representing a decrease of71.2% from RMB1.6 billion income from operations in the second quarter of 2023 and compared with RMB584.9 million loss from operations in the first quarter of 2024.
- Operating margin was
1.5% in the second quarter of 2024, compared with5.7% in the second quarter of 2023 and negative2.3% in the first quarter of 2024.
- Net income was RMB1.1 billion (US
$151.5 million ) in the second quarter of 2024, representing a decrease of52.3% from RMB2.3 billion in the second quarter of 2023 and an increase of86.2% from RMB591.1 million in the first quarter of 2024. Non-GAAP net income3 was RMB1.5 billion (US$206.8 million ) in the second quarter of 2024, representing a decrease of44.9% from RMB2.7 billion in the second quarter of 2023 and an increase of17.8% from RMB1.3 billion in the first quarter of 2024.
- Diluted net earnings per ADS4 attributable to ordinary shareholders was RMB1.05 (US
$0.14) in the second quarter of 2024, compared with RMB2.18 in the second quarter of 2023 and RMB0.56 in the first quarter of 2024. Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders was RMB1.42 (US$0.20) in the second quarter of 2024, compared with RMB2.58 in the second quarter of 2023 and RMB1.21 in the first quarter of 2024.
- Net cash used in operating activities was RMB429.4 million (US
$59.1 million ) in the second quarter of 2024, compared with RMB11.1 billion net cash provided by operating activities in the second quarter of 2023 and RMB3.3 billion net cash used in operating activities in the first quarter of 2024.
- Free cash flow5 was negative RMB1.9 billion (US
$254.9 million ) in the second quarter of 2024, compared with RMB9.6 billion in the second quarter of 2023 and negative RMB5.1 billion in the first quarter of 2024.
| Key Financial Results (in millions, except for percentages and per ADS data) | |||||||||||
| For the Three Months Ended | % Change6 | ||||||||||
| June 30, 2023 | March 31, 2024 | June 30, 2024 | YoY | QoQ | |||||||
| RMB | RMB | RMB | |||||||||
| Vehicle sales | 27,971.9 | 24,251.6 | 30,319.7 | ||||||||
| Vehicle margin | (2.3)pts | (0.6)pts | |||||||||
| Total revenues | 28,652.7 | 25,633.7 | 31,678.4 | ||||||||
| Gross profit | 6,235.3 | 5,284.3 | 6,176.9 | (0.9)% | |||||||
| Gross margin | (2.3)pts | (1.1)pts | |||||||||
| Operating expenses | (4,609.4) | (5,869.2) | (5,708.9) | (2.7)% | |||||||
| Income/(Loss) from operations | 1,625.9 | (584.9) | 468.0 | (71.2)% | N/A | ||||||
| Operating margin | (2.3)% | (4.2)pts | 3.8pts | ||||||||
| Net income | 2,310.1 | 591.1 | 1,100.9 | (52.3)% | |||||||
| Non-GAAP net income | 2,727.5 | 1,276.4 | 1,503.1 | (44.9)% | |||||||
| Diluted net earnings per ADS attributable to ordinary shareholders | 2.18 | 0.56 | 1.05 | (51.8)% | |||||||
| Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders | 2.58 | 1.21 | 1.42 | (45.0)% | |||||||
| Net cash provided by/(used in) operating activities | 11,112.4 | (3,342.4) | (429.4) | N/A | (87.2)% | ||||||
| Free cash flow (non-GAAP) | 9,621.4 | (5,055.2) | (1,852.7) | N/A | (63.4)% | ||||||
Recent Developments
Delivery Update
- In July 2024, the Company delivered 51,000 vehicles, representing an increase of
49.4% from July 2023. As of July 31, 2024, in China, the Company had 487 retail stores in 146 cities, 411 servicing centers and Li Auto-authorized body and paint shops operating in 220 cities, and 701 super charging stations in operation equipped with 3,260 charging stalls.
OTA 6.0 and 6.1 Updates
- In July 2024, the Company released OTA update versions 6.0 and 6.1 for Li MEGA and the Li L series, introducing numerous new features and experience enhancements in autonomous driving, smart space, and smart electric features. For autonomous driving, the Company rolled out a high-definition map-independent NOA with nationwide coverage to all Li AD Max users and significantly enhanced the city LCC and AEB capabilities for Li AD Pro. During its Autonomous Driving Summer Launch Event held on July 5, 2024, the Company unveiled a new technological architecture for autonomous driving integrating an end-to-end (E2E) model and a vision-language model (VLM). This architecture employs proprietary reconstructed and generative world models for training and validation, and began an early bird testing at the end of July.
Product Health Evaluation Results
- In July 2024, Li MEGA received the highest overall score in the China Automobile Health Index (C-AHI) assessment by the China Automotive Engineering Research Institute Co., Ltd. under C-AHI’s updated evaluation protocol. Li MEGA received top ratings across all three evaluation categories — the Clean Air Index, the Health Protection Index, and the Energy Efficiency and Emission Index.
CEO and CFO Comments
Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, “Since the second quarter, Li Auto has emerged as the sales champion of Chinese automotive brands in the RMB200,000 and above NEV market amid intense competition, driven by segment leadership across all Li Auto models and enhanced store efficiency. Our second-quarter deliveries exceeded 108,000 vehicles, increasing by
Mr. Tie Li, chief financial officer of Li Auto, added, “Amid intense market competition during the second quarter, we focused on creating user value and improving operating efficiency. Our solid second-quarter deliveries drove revenues to increase
Financial Results for the Second Quarter of 2024
Revenues
- Total revenues were RMB31.7 billion (US
$4.4 billion ) in the second quarter of 2024, representing an increase of10.6% from RMB28.7 billion in the second quarter of 2023 and an increase of23.6% from RMB25.6 billion in the first quarter of 2024.
- Vehicle sales were RMB30.3 billion (US
$4.2 billion ) in the second quarter of 2024, representing an increase of8.4% from RMB28.0 billion in the second quarter of 2023 and an increase of25.0% from RMB24.3 billion in the first quarter of 2024. The increase in revenue from vehicle sales over the second quarter of 2023 was mainly attributable to the increase in vehicle deliveries, partially offset by the lower average selling price mainly due to different product mix and pricing strategy changes between two quarters. The increase in revenue from vehicle sales over the first quarter of 2024 was mainly attributable to the increase in vehicle deliveries, partially offset by the lower average selling price mainly due to different product mix.
- Other sales and services were RMB1.4 billion (US
$187.0 million ) in the second quarter of 2024, representing an increase of99.6% from RMB680.8 million in the second quarter of 2023 and a decrease of1.7% from RMB1.4 billion in the first quarter of 2024. The increase in revenue from other sales and services over the second quarter of 2023 was mainly attributable to the increased provision of services and sales of accessories, which is in line with higher accumulated vehicle sales, and increased sales of embedded products and services, including charging stalls, offered together with vehicle sales, which is in line with higher vehicle deliveries. The revenue from other sales and services remained relatively stable over the first quarter of 2024.
Cost of Sales and Gross Margin
- Cost of sales was RMB25.5 billion (US
$3.5 billion ) in the second quarter of 2024, representing an increase of13.8% from RMB22.4 billion in the second quarter of 2023 and an increase of25.3% from RMB20.3 billion in the first quarter of 2024. The increase in cost of sales over the second quarter of 2023 was mainly attributable to increase in vehicle deliveries, partially offset by the lower average cost of sales due to different product mix and cost reduction. The increase in cost of sales over the first quarter of 2024 was mainly attributable to increase in vehicle deliveries, partially offset by the lower average cost of sales due to different product mix.
- Gross profit was RMB6.2 billion (US
$850.0 million ) in the second quarter of 2024, representing a decrease of0.9% from RMB6.2 billion in the second quarter of 2023 and an increase of16.9% from RMB5.3 billion in the first quarter of 2024.
- Vehicle margin was
18.7% in the second quarter of 2024, compared with21.0% in the second quarter of 2023 and19.3% in the first quarter of 2024. The decrease in vehicle margin over the second quarter of 2023 was mainly due to different product mix and pricing strategy changes between two quarters, partially offset by cost reduction. The decrease in vehicle margin over the first quarter of 2024 was mainly due to different product mix.
- Gross margin was
19.5% in the second quarter of 2024, compared with21.8% in the second quarter of 2023 and20.6% in the first quarter of 2024. The decrease in gross margin over the second quarter of 2023 and first quarter of 2024 was mainly due to the decrease in vehicle margin.
Operating Expenses
- Operating expenses were RMB5.7 billion (US
$785.6 million ) in the second quarter of 2024, representing an increase of23.9% from RMB4.6 billion in the second quarter of 2023 and a decrease of2.7% from RMB5.9 billion in the first quarter of 2024.
- Research and development expenses were RMB3.0 billion (US
$416.6 million ) in the second quarter of 2024, representing an increase of24.8% from RMB2.4 billion in the second quarter of 2023 and a decrease of0.7% from RMB3.0 billion in the first quarter of 2024. The increase in research and development expenses over the second quarter of 2023 was primarily due to increased expenses to support the expanding product portfolios and technologies as well as increased employee compensation as a result of the growth in number of staff. The decrease in research and development expenses over the first quarter of 2024 was primarily due to decreased employee compensation, offset by increased expenses to support the expanding product portfolios and technologies.
- Selling, general and administrative expenses were RMB2.8 billion (US
$387.4 million ) in the second quarter of 2024, representing an increase of21.9% from RMB2.3 billion in the second quarter of 2023 and a decrease of5.5% from RMB3.0 billion in the first quarter of 2024. The increase in selling, general and administrative expenses over the second quarter of 2023 was primarily due to increased employee compensation as a result of the growth in number of staff as well as increased rental and other expenses associated with the expansion of sales and servicing network. The decrease in selling, general and administrative expenses over the first quarter of 2024 was primarily due to decreased marketing and promotional activities and employee compensation.
Income/(Loss) from Operations
- Income from operations was RMB468.0 million (US
$64.4 million ) in the second quarter of 2024, representing a decrease of71.2% from RMB1.6 billion income from operations in the second quarter of 2023 and compared with RMB584.9 million loss from operations in the first quarter of 2024. Operating margin was1.5% in the second quarter of 2024, compared with5.7% in the second quarter of 2023 and negative2.3% in the first quarter of 2024. Non-GAAP income from operations was RMB870.1 million (US$119.7 million ) in the second quarter of 2024, representing a decrease of57.4% from RMB2.0 billion in the second quarter of 2023 and an increase of767.3% from RMB100.3 million in the first quarter of 2024.
Net Income and Net Earnings Per Share
- Net income was RMB1.1 billion (US
$151.5 million ) in the second quarter of 2024, representing a decrease of52.3% from RMB2.3 billion in the second quarter of 2023 and an increase of86.2% from RMB591.1 million in the first quarter of 2024. Non-GAAP net income was RMB1.5 billion (US$206.8 million ) in the second quarter of 2024, representing a decrease of44.9% from RMB2.7 billion in the second quarter of 2023 and an increase of17.8% from RMB1.3 billion in the first quarter of 2024.
- Basic and diluted net earnings per ADS attributable to ordinary shareholders were RMB1.11 (US
$0.15) and RMB1.05 (US$0.14) in the second quarter of 2024, respectively, compared with RMB2.34 and RMB2.18 in the second quarter of 2023, respectively, and RMB0.60 and RMB0.56 in the first quarter of 2024, respectively. Non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders were RMB1.51 (US$0.21) and RMB1.42 (US$0.20) in the second quarter of 2024, respectively, compared with RMB2.76 and RMB2.58 in the second quarter of 2023, respectively, and RMB1.29 and RMB1.21 in the first quarter of 2024, respectively.
Cash Position, Operating Cash Flow and Free Cash Flow
- Cash position7 was RMB97.3 billion (US
$13.4 billion ) as of June 30, 2024.
- Net cash used in operating activities was RMB429.4 million (US
$59.1 million ) in the second quarter of 2024, compared with RMB11.1 billion net cash provided by operating activities in the second quarter of 2023 and RMB3.3 billion net cash used in operating activities in the first quarter of 2024. The change in net cash used in operating activities over the second quarter of 2023 was mainly due to increased payment related to inventory purchase, partially offset by the increase in cash received from customers. The change in net cash used in operating activities over the first quarter of 2024 was mainly due to the increase in cash received from customers as a result of the increase in vehicle deliveries.
- Free cash flow was negative RMB1.9 billion (US
$254.9 million ) in the second quarter of 2024, compared with RMB9.6 billion in the second quarter of 2023 and negative RMB5.1 billion in the first quarter of 2024.
Business Outlook
For the third quarter of 2024, the Company expects:
- Deliveries of vehicles to be between 145,000 and 155,000 vehicles, representing an increase of
38.0% to47.5% from the third quarter of 2023.
- Total revenues to be between RMB39.4 billion (US
$5.4 billion ) and RMB42.2 billion (US$5.8 billion ), representing an increase of13.7% to21.6% from the third quarter of 2023.
This business outlook reflects the Company’s current and preliminary views on its business situation and market conditions, which are subject to change.
Conference Call
Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Wednesday, August 28, 2024 (8:00 p.m. Beijing/Hong Kong Time on August 28, 2024) to discuss financial results and answer questions from investors and analysts.
For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.
Participant Online Registration: https://s1.c-conf.com/diamondpass/10041167-jgh57t.html
A replay of the conference call will be accessible through September 4, 2024, by dialing the following numbers:
| United States: | +1-855-883-1031 |
| Mainland China: | +86-400-1209-216 |
| Hong Kong, China: | +852-800-930-639 |
| International: | +61-7-3107-6325 |
| Replay PIN: | 10041167 |
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.lixiang.com.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and release of valuation allowance on deferred tax assets, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.
Exchange Rate Information
This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.2672 to US
About Li Auto Inc.
Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Create a Mobile Home, Create Happiness (创造移动的家, 创造幸福的家). Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes Li MEGA, a high-tech flagship family MPV, Li L9, a six-seat flagship family SUV, Li L8, a six-seat premium family SUV, Li L7, a five-seat flagship family SUV, and Li L6, a five-seat premium family SUV. The Company will continue to expand its product lineup to target a broader user base.
For more information, please visit: https://ir.lixiang.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Li Auto Inc.
Investor Relations
Email: ir@lixiang.com
Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: Li@christensencomms.com
| Li Auto Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | ||||||||||
| For the Three Months Ended | ||||||||||
| June 30, 2023 | March 31, 2024 | June 30, 2024 | June 30, 2024 | |||||||
| RMB | RMB | RMB | US$ | |||||||
| Revenues: | ||||||||||
| Vehicle sales | 27,971,944 | 24,251,553 | 30,319,728 | 4,172,133 | ||||||
| Other sales and services | 680,783 | 1,382,107 | 1,358,668 | 186,959 | ||||||
| Total revenues | 28,652,727 | 25,633,660 | 31,678,396 | 4,359,092 | ||||||
| Cost of sales: | ||||||||||
| Vehicle sales | (22,084,087) | (19,561,658) | (24,635,504) | (3,389,958) | ||||||
| Other sales and services | (333,362) | (787,697) | (865,950) | (119,159) | ||||||
| Total cost of sales | (22,417,449) | (20,349,355) | (25,501,454) | (3,509,117) | ||||||
| Gross profit | 6,235,278 | 5,284,305 | 6,176,942 | 849,975 | ||||||
| Operating expense: | ||||||||||
| Research and development | (2,425,600) | (3,048,886) | (3,027,581) | (416,609) | ||||||
| Selling, general and administrative | (2,309,210) | (2,977,585) | (2,815,105) | (387,371) | ||||||
| Other operating income, net | 125,402 | 157,264 | 133,773 | 18,408 | ||||||
| Total operating expenses | (4,609,408) | (5,869,207) | (5,708,913) | (785,572) | ||||||
| Income/(Loss) from operations | 1,625,870 | (584,902) | 468,029 | 64,403 | ||||||
| Other (expense)/income: | ||||||||||
| Interest expense | (28,440) | (28,598) | (43,231) | (5,949) | ||||||
| Interest income and investment income, net | 430,262 | 1,068,888 | 370,034 | 50,918 | ||||||
| Others, net | 324,291 | 220,184 | 383,237 | 52,735 | ||||||
| Income before income tax | 2,351,983 | 675,572 | 1,178,069 | 162,107 | ||||||
| Income tax expense | (41,885) | (84,446) | (77,129) | (10,613) | ||||||
| Net income | 2,310,098 | 591,126 | 1,100,940 | 151,494 | ||||||
| Less: Net income/(loss) attributable to noncontrolling interests | 16,945 | (1,432) | (1,653) | (227) | ||||||
| Net income attributable to ordinary shareholders of Li Auto Inc. | 2,293,153 | 592,558 | 1,102,593 | 151,721 | ||||||
| Net income | 2,310,098 | 591,126 | 1,100,940 | 151,494 | ||||||
| Other comprehensive (loss)/income | ||||||||||
| Foreign currency translation adjustment, net of tax | (120,809) | (59,936) | 12,444 | 1,712 | ||||||
| Total other comprehensive (loss)/income | (120,809) | (59,936) | 12,444 | 1,712 | ||||||
| Total comprehensive income | 2,189,289 | 531,190 | 1,113,384 | 153,206 | ||||||
| Less: Net income/(loss) attributable to noncontrolling interests | 16,945 | (1,432) | (1,653) | (227) | ||||||
| Comprehensive income attributable to ordinary shareholders of Li Auto Inc. | 2,172,344 | 532,622 | 1,115,037 | 153,433 | ||||||
| Weighted average number of ADSs | ||||||||||
| Basic | 980,693,361 | 993,308,654 | 994,833,579 | 994,833,579 | ||||||
| Diluted | 1,053,852,487 | 1,066,436,872 | 1,062,428,185 | 1,062,428,185 | ||||||
| Net earnings per ADS attributable to ordinary shareholders | ||||||||||
| Basic | 2.34 | 0.60 | 1.11 | 0.15 | ||||||
| Diluted | 2.18 | 0.56 | 1.05 | 0.14 | ||||||
| Weighted average number of ordinary shares | ||||||||||
| Basic | 1,961,386,723 | 1,986,617,307 | 1,989,667,158 | 1,989,667,158 | ||||||
| Diluted | 2,107,704,975 | 2,132,873,744 | 2,124,856,370 | 2,124,856,370 | ||||||
| Net earnings per share attributable to ordinary shareholders | ||||||||||
| Basic | 1.17 | 0.30 | 0.55 | 0.08 | ||||||
| Diluted | 1.09 | 0.28 | 0.52 | 0.07 | ||||||
| Li Auto Inc. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands) | |||||||
| As of | |||||||
| December 31, 2023 | June 30, 2024 | June 30, 2024 | |||||
| RMB | RMB | US$ | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | 91,329,030 | 80,783,571 | 11,116,189 | ||||
| Restricted cash | 479 | 5,225 | 719 | ||||
| Time deposits and short-term investments | 11,933,255 | 16,463,169 | 2,265,407 | ||||
| Trade receivable | 143,523 | 157,954 | 21,735 | ||||
| Inventories | 6,871,979 | 8,307,534 | 1,143,155 | ||||
| Prepayments and other current assets | 4,247,318 | 4,090,179 | 562,827 | ||||
| Total current assets | 114,525,584 | 109,807,632 | 15,110,032 | ||||
| Non-current assets: | |||||||
| Long-term investments | 1,595,376 | 1,492,010 | 205,307 | ||||
| Property, plant and equipment, net | 15,745,018 | 21,238,080 | 2,922,457 | ||||
| Operating lease right-of-use assets, net | 5,939,230 | 7,053,875 | 970,646 | ||||
| Intangible assets, net | 864,180 | 892,188 | 122,769 | ||||
| Goodwill | 5,484 | 5,484 | 755 | ||||
| Deferred tax assets | 1,990,245 | 2,317,350 | 318,878 | ||||
| Other non-current assets | 2,802,354 | 2,303,580 | 316,983 | ||||
| Total non-current assets | 28,941,887 | 35,302,567 | 4,857,795 | ||||
| Total assets | 143,467,471 | 145,110,199 | 19,967,827 | ||||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Short-term borrowings | 6,975,399 | 922,219 | 126,902 | ||||
| Trade and notes payable | 51,870,097 | 46,832,038 | 6,444,303 | ||||
| Amounts due to related parties | 10,607 | 10,284 | 1,415 | ||||
| Deferred revenue, current | 1,525,543 | 1,732,534 | 238,405 | ||||
| Operating lease liabilities, current | 1,146,437 | 1,258,938 | 173,236 | ||||
| Finance lease liabilities, current | — | 44,766 | 6,160 | ||||
| Accruals and other current liabilities | 11,214,626 | 11,658,692 | 1,604,287 | ||||
| Total current liabilities | 72,742,709 | 62,459,471 | 8,594,708 | ||||
| Non-current liabilities: | |||||||
| Long-term borrowings | 1,747,070 | 7,982,516 | 1,098,431 | ||||
| Deferred revenue, non-current | 812,218 | 790,023 | 108,711 | ||||
| Operating lease liabilities, non-current | 3,677,961 | 4,576,145 | 629,699 | ||||
| Finance lease liabilities, non-current | — | 679,419 | 93,491 | ||||
| Deferred tax liabilities | 200,877 | 508,547 | 69,978 | ||||
| Other non-current liabilities | 3,711,414 | 4,800,203 | 660,530 | ||||
| Total non-current liabilities | 10,149,540 | 19,336,853 | 2,660,840 | ||||
| Total liabilities | 82,892,249 | 81,796,324 | 11,255,548 | ||||
| Total Li Auto Inc. shareholders’ equity | 60,142,624 | 62,884,362 | 8,653,176 | ||||
| Noncontrolling interests | 432,598 | 429,513 | 59,103 | ||||
| Total shareholders’ equity | 60,575,222 | 63,313,875 | 8,712,279 | ||||
| Total liabilities and shareholders’ equity | 143,467,471 | 145,110,199 | 19,967,827 | ||||
| Li Auto Inc. Unaudited Condensed Consolidated Statements of Cash Flows (All amounts in thousands) | |||||||||||
| For the Three Months Ended | |||||||||||
| June 30, 2023 | March 31, 2024 | June 30, 2024 | June 30, 2024 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Net cash provided by/(used in) operating activities | 11,112,395 | (3,342,386) | (429,397) | (59,087) | |||||||
| Net cash provided by/(used in) investing activities | 7,573,941 | (3,098,206) | (3,839,308) | (528,306) | |||||||
| Net cash (used in)/provided by financing activities | (1,853,582) | 185,257 | (104,743) | (14,413) | |||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 138,186 | 55,813 | 32,257 | 4,438 | |||||||
| Net change in cash, cash equivalents and restricted cash | 16,970,940 | (6,199,522) | (4,341,191) | (597,368) | |||||||
| Cash, cash equivalents and restricted cash at beginning of period | 45,284,709 | 91,329,509 | 85,129,987 | 11,714,276 | |||||||
| Cash, cash equivalents and restricted cash at end of period | 62,255,649 | 85,129,987 | 80,788,796 | 11,116,908 | |||||||
| Net cash provided by/(used in) operating activities | 11,112,395 | (3,342,386) | (429,397) | (59,087) | |||||||
| Capital expenditures | (1,491,029) | (1,712,843) | (1,423,332) | (195,857) | |||||||
| Free cash flow (non-GAAP) | 9,621,366 | (5,055,229) | (1,852,729) | (254,944) | |||||||
| Li Auto Inc. Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||
| For the Three Months Ended | |||||||||
| June 30, 2023 | March 31, 2024 | June 30, 2024 | June 30, 2024 | ||||||
| RMB | RMB | RMB | US$ | ||||||
| Cost of sales | (22,417,449) | (20,349,355) | (25,501,454) | (3,509,117) | |||||
| Share-based compensation expenses | 9,449 | 13,469 | 7,652 | 1,053 | |||||
| Non-GAAP cost of sales | (22,408,000) | (20,335,886) | (25,493,802) | (3,508,064) | |||||
| Research and development expenses | (2,425,600) | (3,048,886) | (3,027,581) | (416,609) | |||||
| Share-based compensation expenses | 247,064 | 433,764 | 224,332 | 30,869 | |||||
| Non-GAAP research and development expenses | (2,178,536) | (2,615,122) | (2,803,249) | (385,740) | |||||
| Selling, general and administrative expenses | (2,309,210) | (2,977,585) | (2,815,105) | (387,371) | |||||
| Share-based compensation expenses | 160,928 | 237,994 | 170,129 | 23,411 | |||||
| Non-GAAP selling, general and administrative expenses | (2,148,282) | (2,739,591) | (2,644,976) | (363,960) | |||||
| Income/(Loss) from operations | 1,625,870 | (584,902) | 468,029 | 64,403 | |||||
| Share-based compensation expenses | 417,441 | 685,227 | 402,113 | 55,333 | |||||
| Non-GAAP income from operations | 2,043,311 | 100,325 | 870,142 | 119,736 | |||||
| Net income | 2,310,098 | 591,126 | 1,100,940 | 151,494 | |||||
| Share-based compensation expenses | 417,441 | 685,227 | 402,113 | 55,333 | |||||
| Non-GAAP net income | 2,727,539 | 1,276,353 | 1,503,053 | 206,827 | |||||
| Net income attributable to ordinary shareholders of Li Auto Inc. | 2,293,153 | 592,558 | 1,102,593 | 151,721 | |||||
| Share-based compensation expenses | 417,441 | 685,227 | 402,113 | 55,333 | |||||
| Non-GAAP net income attributable to ordinary shareholders of Li Auto Inc. | 2,710,594 | 1,277,785 | 1,504,706 | 207,054 | |||||
| Weighted average number of ADSs | |||||||||
| Basic | 980,693,361 | 993,308,654 | 994,833,579 | 994,833,579 | |||||
| Diluted | 1,053,852,487 | 1,066,436,872 | 1,062,428,185 | 1,062,428,185 | |||||
| Non-GAAP net earnings per ADS attributable to ordinary shareholders | |||||||||
| Basic | 2.76 | 1.29 | 1.51 | 0.21 | |||||
| Diluted | 2.58 | 1.21 | 1.42 | 0.20 | |||||
| Weighted average number of ordinary shares | |||||||||
| Basic | 1,961,386,723 | 1,986,617,307 | 1,989,667,158 | 1,989,667,158 | |||||
| Diluted | 2,107,704,975 | 2,132,873,744 | 2,124,856,370 | 2,124,856,370 | |||||
| Non-GAAP net earnings per share attributable to ordinary shareholders8 | |||||||||
| Basic | 1.38 | 0.64 | 0.76 | 0.10 | |||||
| Diluted | 1.29 | 0.60 | 0.71 | 0.10 | |||||
______________________________________
1 All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB7.2672 to US
2 Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.
3 The Company’s non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred tax assets. See “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.
4 Each ADS represents two Class A ordinary shares.
5 Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.
6 Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.
7 Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments.
8 Non-GAAP basic net earnings per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net earnings per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of convertible senior notes as determined under the if-converted method and the dilutive effect of share-based awards as determined under the treasury stock method.
FAQ
What were Li Auto's revenues for the second quarter of 2024?
How many vehicles did Li Auto deliver in Q2 2024?
What was Li Auto's net income for Q2 2024?
What is Li Auto's outlook for deliveries in Q3 2024?
How did Li Auto's vehicle sales perform year-over-year in Q2 2024?
