Li Auto Inc. Declares Unaudited Second Quarter 2024 Monetary Outcomes By Investing.com

Quarterly whole revenues reached RMB31.7 billion (US$4.4 billion)1
Quarterly deliveries reached 108,581 autos

BEIJING, China, Aug. 28, 2024 (GLOBE NEWSWIRE) — Li Auto (NASDAQ:) Inc. (Li Auto or the Firm) (Nasdaq: LI; HKEX: 2015), a frontrunner in China’s new power automobile market, at the moment introduced its unaudited monetary outcomes for the quarter ended June 30, 2024.

Working Highlights for the Second Quarter of 2024

• Complete deliveries for the second quarter of 2024 have been 108,581 autos, representing a 25.5% year-over-year enhance.

• As of June 30, 2024, in China, the Firm had 497 retail shops in 148 cities, 421 servicing facilities and Li Auto-authorized physique and paint retailers working in 220 cities, and 614 tremendous charging stations in operation geared up with 2,726 charging stalls.

Monetary Highlights for the Second Quarter of 2024

• Car gross sales have been RMB30.3 billion (US$4.2 billion) within the second quarter of 2024, representing a rise of 8.4% from RMB28.0 billion within the second quarter of 2023 and a rise of 25.0% from RMB24.3 billion within the first quarter of 2024.

• Car margin2 was 18.7% within the second quarter of 2024, in contrast with 21.0% within the second quarter of 2023 and 19.3% within the first quarter of 2024.

• Complete revenues have been RMB31.7 billion (US$4.4 billion) within the second quarter of 2024, representing a rise of 10.6% from RMB28.7 billion within the second quarter of 2023 and a rise of 23.6% from RMB25.6 billion within the first quarter of 2024.

• Gross revenue was RMB6.2 billion (US$850.0 million) within the second quarter of 2024, representing a lower of 0.9% from RMB6.2 billion within the second quarter of 2023 and a rise of 16.9% from RMB5.3 billion within the first quarter of 2024.

• Gross margin was 19.5% within the second quarter of 2024, in contrast with 21.8% within the second quarter of 2023 and 20.6% within the first quarter of 2024.

• Working bills have been RMB5.7 billion (US$785.6 million) within the second quarter of 2024, representing a rise of 23.9% from RMB4.6 billion within the second quarter of 2023 and a lower of two.7% from RMB5.9 billion within the first quarter of 2024.

• Revenue from operations was RMB468.0 million (US$64.4 million) within the second quarter of 2024, representing a lower of 71.2% from RMB1.6 billion revenue from operations within the second quarter of 2023 and in contrast with RMB584.9 million loss from operations within the first quarter of 2024.

• Working margin was 1.5% within the second quarter of 2024, in contrast with 5.7% within the second quarter of 2023 and adverse 2.3% within the first quarter of 2024.

• Internet revenue was RMB1.1 billion (US$151.5 million) within the second quarter of 2024, representing a lower of 52.3% from RMB2.3 billion within the second quarter of 2023 and a rise of 86.2% from RMB591.1 million within the first quarter of 2024. Non-GAAP internet revenue3 was RMB1.5 billion (US$206.8 million) within the second quarter of 2024, representing a lower of 44.9% from RMB2.7 billion within the second quarter of 2023 and a rise of 17.8% from RMB1.3 billion within the first quarter of 2024.

• Diluted internet earnings per ADS4 attributable to atypical shareholders was RMB1.05 (US$0.14) within the second quarter of 2024, in contrast with RMB2.18 within the second quarter of 2023 and RMB0.56 within the first quarter of 2024. Non-GAAP diluted internet earnings per ADS attributable to atypical shareholders was RMB1.42 (US$0.20) within the second quarter of 2024, in contrast with RMB2.58 within the second quarter of 2023 and RMB1.21 within the first quarter of 2024.

• Internet money utilized in working actions was RMB429.4 million (US$59.1 million) within the second quarter of 2024, in contrast with RMB11.1 billion internet money supplied by working actions within the second quarter of 2023 and RMB3.3 billion internet money utilized in working actions within the first quarter of 2024.

• Free money movement5 was adverse RMB1.9 billion (US$254.9 million) within the second quarter of 2024, in contrast with RMB9.6 billion within the second quarter of 2023 and adverse RMB5.1 billion within the first quarter of 2024.

Current Developments

Supply Replace

• In July 2024, the Firm delivered 51,000 autos, representing a rise of 49.4% from July 2023. As of July 31, 2024, in China, the Firm had 487 retail shops in 146 cities, 411 servicing facilities and Li Auto-authorized physique and paint retailers working in 220 cities, and 701 tremendous charging stations in operation geared up with 3,260 charging stalls.

OTA 6.0 and 6.1 Updates

• In July 2024, the Firm launched OTA replace variations 6.0 and 6.1 for Li MEGA and the Li L collection, introducing quite a few new options and expertise enhancements in autonomous driving, good area, and good electrical options. For autonomous driving, the Firm rolled out a high-definition map-independent NOA with nationwide protection to all Li AD Max customers and considerably enhanced the town LCC and AEB capabilities for Li AD Professional. Throughout its Autonomous Driving Summer time Launch Occasion held on July 5, 2024, the Firm unveiled a brand new technological structure for autonomous driving integrating an end-to-end (E2E) mannequin and a vision-language mannequin (VLM). This structure employs proprietary reconstructed and generative world fashions for coaching and validation, and commenced an early hen testing on the finish of July.

Product Well being Analysis Outcomes

• In July 2024, Li MEGA obtained the best general rating within the China Car Well being Index (C-AHI) evaluation by the China Automotive Engineering Analysis Institute Co., Ltd. below C-AHI’s up to date analysis protocol. Li MEGA obtained high rankings throughout all three analysis classes ” the Clear Air Index, the Well being Safety Index, and the Vitality Effectivity and Emission Index.

CEO and CFO Feedback

Mr. Xiang Li, chairman and chief govt officer of Li Auto, commented, For the reason that second quarter, Li Auto has emerged because the gross sales champion of Chinese language automotive manufacturers within the RMB200,000 and above NEV market amid intense competitors, pushed by phase management throughout all Li Auto fashions and enhanced retailer effectivity. Our second-quarter deliveries exceeded 108,000 autos, growing by 25.5% yr over yr, a robust testomony to our product power and the effectiveness of our recalibrated working technique. In June 2024, we surpassed the 800,000-vehicle milestone in cumulative deliveries, making historical past for Chinese language premium automotive manufacturers. Along with our robust gross sales outcomes, we made substantial progress in autonomous driving. In July, we rolled out our high-definition map-independent NOA with nationwide protection to over 240,000 Li AD Max customers and launched our next-generation autonomous driving technological structure that integrates an E2E mannequin and a VLM. We’ll relentlessly pursue innovation and excellence to solidify our place as a most popular premium automotive model for Chinese language households, offering our customers with services and products that exceed their expectations, and creating happiness for households.

Mr. Tie Li, chief monetary officer of Li Auto, added, Amid intense market competitors throughout the second quarter, we targeted on creating consumer worth and bettering working effectivity. Our stable second-quarter deliveries drove revenues to extend 10.6% yr over yr to RMB31.7 billion. Regardless of the influence from ramping up a brand new mannequin, our gross margin remained wholesome at 19.5%. As Li L6 manufacturing stabilizes and our price discount and effectivity enhancement measures take full impact, we count on a rise in each our margins and money movement within the second half of the yr. Trying forward, we’re dedicated to investing in technological and product developments to drive regular enterprise development, whereas concurrently optimizing our price construction.

Monetary Outcomes for the Second Quarter of 2024

Revenues

• Complete revenues have been RMB31.7 billion (US$4.4 billion) within the second quarter of 2024, representing a rise of 10.6% from RMB28.7 billion within the second quarter of 2023 and a rise of 23.6% from RMB25.6 billion within the first quarter of 2024.

• Car gross sales have been RMB30.3 billion (US$4.2 billion) within the second quarter of 2024, representing a rise of 8.4% from RMB28.0 billion within the second quarter of 2023 and a rise of 25.0% from RMB24.3 billion within the first quarter of 2024. The rise in income from automobile gross sales over the second quarter of 2023 was primarily attributable to the rise in automobile deliveries, partially offset by the decrease common promoting value primarily because of completely different product combine and pricing technique adjustments between two quarters. The rise in income from automobile gross sales over the primary quarter of 2024 was primarily attributable to the rise in automobile deliveries, partially offset by the decrease common promoting value primarily because of completely different product combine.

• Different gross sales and companies have been RMB1.4 billion (US$187.0 million) within the second quarter of 2024, representing a rise of 99.6% from RMB680.8 million within the second quarter of 2023 and a lower of 1.7% from RMB1.4 billion within the first quarter of 2024. The rise in income from different gross sales and companies over the second quarter of 2023 was primarily attributable to the elevated provision of companies and gross sales of equipment, which is in keeping with greater collected automobile gross sales, and elevated gross sales of embedded services and products, together with charging stalls, provided along with automobile gross sales, which is in keeping with greater automobile deliveries. The income from different gross sales and companies remained comparatively steady over the primary quarter of 2024.

Price of Gross sales and Gross Margin

• Price of gross sales was RMB25.5 billion (US$3.5 billion) within the second quarter of 2024, representing a rise of 13.8% from RMB22.4 billion within the second quarter of 2023 and a rise of 25.3% from RMB20.3 billion within the first quarter of 2024. The rise in price of gross sales over the second quarter of 2023 was primarily attributable to extend in automobile deliveries, partially offset by the decrease common price of gross sales because of completely different product combine and value discount. The rise in price of gross sales over the primary quarter of 2024 was primarily attributable to extend in automobile deliveries, partially offset by the decrease common price of gross sales because of completely different product combine.

• Gross revenue was RMB6.2 billion (US$850.0 million) within the second quarter of 2024, representing a lower of 0.9% from RMB6.2 billion within the second quarter of 2023 and a rise of 16.9% from RMB5.3 billion within the first quarter of 2024.

• Car margin was 18.7% within the second quarter of 2024, in contrast with 21.0% within the second quarter of 2023 and 19.3% within the first quarter of 2024. The lower in automobile margin over the second quarter of 2023 was primarily because of completely different product combine and pricing technique adjustments between two quarters, partially offset by price discount. The lower in automobile margin over the primary quarter of 2024 was primarily because of completely different product combine.

• Gross margin was 19.5% within the second quarter of 2024, in contrast with 21.8% within the second quarter of 2023 and 20.6% within the first quarter of 2024. The lower in gross margin over the second quarter of 2023 and first quarter of 2024 was primarily as a result of lower in automobile margin.

Working Bills

• Working bills have been RMB5.7 billion (US$785.6 million) within the second quarter of 2024, representing a rise of 23.9% from RMB4.6 billion within the second quarter of 2023 and a lower of two.7% from RMB5.9 billion within the first quarter of 2024.

• Analysis and growth bills have been RMB3.0 billion (US$416.6 million) within the second quarter of 2024, representing a rise of 24.8% from RMB2.4 billion within the second quarter of 2023 and a lower of 0.7% from RMB3.0 billion within the first quarter of 2024. The rise in analysis and growth bills over the second quarter of 2023 was primarily because of elevated bills to assist the increasing product portfolios and applied sciences in addition to elevated worker compensation because of the expansion in variety of employees. The lower in analysis and growth bills over the primary quarter of 2024 was primarily because of decreased worker compensation, offset by elevated bills to assist the increasing product portfolios and applied sciences.

• Promoting, normal and administrative bills have been RMB2.8 billion (US$387.4 million) within the second quarter of 2024, representing a rise of 21.9% from RMB2.3 billion within the second quarter of 2023 and a lower of 5.5% from RMB3.0 billion within the first quarter of 2024. The rise in promoting, normal and administrative bills over the second quarter of 2023 was primarily because of elevated worker compensation because of the expansion in variety of employees in addition to elevated rental and different bills related to the growth of gross sales and servicing community. The lower in promoting, normal and administrative bills over the primary quarter of 2024 was primarily because of decreased advertising and marketing and promotional actions and worker compensation.

Revenue/(Loss) from Operations

• Revenue from operations was RMB468.0 million (US$64.4 million) within the second quarter of 2024, representing a lower of 71.2% from RMB1.6 billion revenue from operations within the second quarter of 2023 and in contrast with RMB584.9 million loss from operations within the first quarter of 2024. Working margin was 1.5% within the second quarter of 2024, in contrast with 5.7% within the second quarter of 2023 and adverse 2.3% within the first quarter of 2024. Non-GAAP revenue from operations was RMB870.1 million (US$119.7 million) within the second quarter of 2024, representing a lower of 57.4% from RMB2.0 billion within the second quarter of 2023 and a rise of 767.3% from RMB100.3 million within the first quarter of 2024.

Internet Revenue and Internet Earnings Per Share

• Internet revenue was RMB1.1 billion (US$151.5 million) within the second quarter of 2024, representing a lower of 52.3% from RMB2.3 billion within the second quarter of 2023 and a rise of 86.2% from RMB591.1 million within the first quarter of 2024. Non-GAAP internet revenue was RMB1.5 billion (US$206.8 million) within the second quarter of 2024, representing a lower of 44.9% from RMB2.7 billion within the second quarter of 2023 and a rise of 17.8% from RMB1.3 billion within the first quarter of 2024.

• Primary and diluted internet earnings per ADS attributable to atypical shareholders have been RMB1.11 (US$0.15) and RMB1.05 (US$0.14) within the second quarter of 2024, respectively, in contrast with RMB2.34 and RMB2.18 within the second quarter of 2023, respectively, and RMB0.60 and RMB0.56 within the first quarter of 2024, respectively. Non-GAAP fundamental and diluted internet earnings per ADS attributable to atypical shareholders have been RMB1.51 (US$0.21) and RMB1.42 (US$0.20) within the second quarter of 2024, respectively, in contrast with RMB2.76 and RMB2.58 within the second quarter of 2023, respectively, and RMB1.29 and RMB1.21 within the first quarter of 2024, respectively.

Money Place, Working Money Stream and Free Money Stream

• Money place7 was RMB97.3 billion (US$13.4 billion) as of June 30, 2024.

• Internet money utilized in working actions was RMB429.4 million (US$59.1 million) within the second quarter of 2024, in contrast with RMB11.1 billion internet money supplied by working actions within the second quarter of 2023 and RMB3.3 billion internet money utilized in working actions within the first quarter of 2024. The change in internet money utilized in working actions over the second quarter of 2023 was primarily because of elevated cost associated to stock buy, partially offset by the rise in money obtained from prospects. The change in internet money utilized in working actions over the primary quarter of 2024 was primarily as a result of enhance in money obtained from prospects because of the rise in automobile deliveries.

• Free money movement was adverse RMB1.9 billion (US$254.9 million) within the second quarter of 2024, in contrast with RMB9.6 billion within the second quarter of 2023 and adverse RMB5.1 billion within the first quarter of 2024.

Enterprise Outlook

For the third quarter of 2024, the Firm expects:

• Deliveries of autos to be between 145,000 and 155,000 autos, representing a rise of 38.0% to 47.5% from the third quarter of 2023.

• Complete revenues to be between RMB39.4 billion (US$5.4 billion) and RMB42.2 billion (US$5.8 billion), representing a rise of 13.7% to 21.6% from the third quarter of 2023.

This enterprise outlook displays the Firm’s present and preliminary views on its enterprise state of affairs and market situations, that are topic to alter.

Convention Name

Administration will maintain a convention name at 8:00 a.m. U.S. Japanese Time on Wednesday, August 28, 2024 (8:00 p.m. Beijing/Hong Kong Time on August 28, 2024) to debate monetary outcomes and reply questions from buyers and analysts.

For contributors who want to be part of the decision, please full on-line registration utilizing the hyperlink supplied under previous to the scheduled name begin time. Upon registration, contributors will obtain the convention name entry data, together with dial-in numbers, passcode, and a novel entry PIN. To affix the convention, please dial the quantity supplied, enter the passcode adopted by your PIN, and you’ll be part of the convention immediately.

Participant On-line Registration: https://s1.c-conf.com/diamondpass/10041167-jgh57t.html

A replay of the convention name can be accessible by September 4, 2024, by dialing the next numbers:

Moreover, a reside and archived webcast of the convention name can be accessible on the Firm’s investor relations web site at https://ir.lixiang.com.

Non-GAAP Monetary Measures

The Firm makes use of non-GAAP monetary measures, reminiscent of non-GAAP price of gross sales, non-GAAP analysis and growth bills, non-GAAP promoting, normal and administrative bills, non-GAAP revenue from operations, non-GAAP internet revenue, non-GAAP internet revenue attributable to atypical shareholders, non-GAAP fundamental and diluted internet earnings per ADS attributable to atypical shareholders, non-GAAP fundamental and diluted internet earnings per share attributable to atypical shareholders and free money movement, in evaluating its working outcomes and for monetary and operational decision-making functions. By excluding the influence of share-based compensation bills and launch of valuation allowance on deferred tax property, the Firm believes that the non-GAAP monetary measures assist determine underlying tendencies in its enterprise and improve the general understanding of the Firm’s previous efficiency and future prospects. The Firm additionally believes that the non-GAAP monetary measures permit for better visibility with respect to key metrics utilized by the Firm’s administration in its monetary and operational decision-making.

The non-GAAP monetary measures usually are not offered in accordance with U.S. GAAP and could also be completely different from non-GAAP strategies of accounting and reporting utilized by different firms. The non-GAAP monetary measures have limitations as analytical instruments and when assessing the Firm’s working efficiency, buyers mustn’t think about them in isolation, or as an alternative choice to monetary data ready in accordance with U.S. GAAP. The Firm encourages buyers and others to overview its monetary data in its entirety and never depend on a single monetary measure.

The Firm mitigates these limitations by reconciling the non-GAAP monetary measures to probably the most comparable U.S. GAAP efficiency measures, all of which must be thought-about when evaluating the Firm’s efficiency.

For extra data on the non-GAAP monetary measures, please see the desk captioned Unaudited Reconciliation of U.S. GAAP and Non-GAAP Outcomes set forth on the finish of this press launch.

Alternate Charge Data

This press launch accommodates translations of sure quantities into U.S. {dollars} at a specified price solely for the comfort of the reader. Except in any other case famous, all translations from Renminbi to U.S. {dollars} and from U.S. {dollars} to Renminbi are made at a price of RMB7.2672 to US$1.00, the change price on June 28, 2024, set forth within the H.10 statistical launch of the Federal Reserve Board. The Firm makes no illustration that the Renminbi or U.S. {dollars} quantities referred might be transformed into U.S. {dollars} or Renminbi, because the case could also be, at any specific price or in any respect.

About Li Auto Inc .

Li Auto Inc. is a frontrunner in China’s new power automobile market. The Firm designs, develops, manufactures, and sells premium good electrical autos. Its mission is: Create a Cell House, Create Happiness (创造移动的家, 创造幸福的家). Via improvements in product, know-how, and enterprise mannequin, the Firm supplies households with protected, handy, and comfy services and products. Li Auto is a pioneer in efficiently commercializing extended-range electrical autos in China. Whereas firmly advancing alongside this technological route, it builds platforms for battery electrical autos in parallel. The Firm leverages know-how to create worth for customers. It concentrates its in-house growth efforts on proprietary vary extension methods, progressive electrical automobile applied sciences, and good automobile options. The Firm began quantity manufacturing in November 2019. Its present mannequin lineup consists of Li MEGA, a high-tech flagship household MPV, Li L9, a six-seat flagship household SUV, Li L8, a six-seat premium household SUV, Li L7, a five-seat flagship household SUV, and Li L6, a five-seat premium household SUV. The Firm will proceed to develop its product lineup to focus on a broader consumer base.

For extra data, please go to: https://ir.lixiang.com.

Secure Harbor Assertion

This press launch accommodates statements that will represent forward-looking statements pursuant to the protected harbor provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These forward-looking statements could be recognized by terminology reminiscent of will, expects, anticipates, goals, future, intends, plans, believes, estimates, targets, more likely to, challenges, and related statements. Li Auto may make written or oral forward-looking statements in its periodic experiences to the U.S. Securities and Alternate Fee (the SEC) and The Inventory Alternate of Hong Kong Restricted (the HKEX), in its annual report back to shareholders, in press releases and different written supplies, and in oral statements made by its officers, administrators, or workers to 3rd events. Statements that aren’t historic info, together with statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. A lot of components may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: Li Auto’s methods, future enterprise growth, and monetary situation and outcomes of operations; Li Auto’s restricted working historical past; dangers related to extended-range electrical autos and high-power charging battery electrical autos; Li Auto’s means to develop, manufacture, and ship autos of top quality and attraction to prospects; Li Auto’s means to generate optimistic money movement and income; product defects or another failure of autos to carry out as anticipated; Li Auto’s means to compete efficiently; Li Auto’s means to construct its model and stand up to adverse publicity; cancellation of orders for Li Auto’s autos; Li Auto’s means to develop new autos; and adjustments in shopper demand and authorities incentives, subsidies, or different favorable authorities insurance policies. Additional data relating to these and different dangers is included in Li Auto’s filings with the SEC and the HKEX. All data supplied on this press launch is as of the date of this press launch, and Li Auto doesn’t undertake any obligation to replace any forward-looking assertion, besides as required below relevant regulation.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
E mail: ir@lixiang.com

Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
E mail: Li@christensencomms.com

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1    All translations from Renminbi (RMB) to U.S. {dollars} (US$) are made at a price of RMB7.2672 to US$1.00, the change price on June 28, 2024 as set forth within the H.10 statistical launch of the Federal Reserve Board.

2    Car margin is the margin of car gross sales, which is calculated based mostly on revenues and value of gross sales derived from automobile gross sales solely.

3    The Firm’s non-GAAP monetary measures exclude share-based compensation bills and launch of valuation allowance on deferred tax property. See Unaudited Reconciliation of U.S. GAAP and Non-GAAP Outcomes set forth on the finish of this press launch.

4    Every ADS represents two Class A atypical shares.

5    Free money movement represents working money movement much less capital expenditures, which is taken into account a non-GAAP monetary measure.

6   Aside from automobile margin, gross margin, and working margin, the place absolute adjustments as a substitute of proportion adjustments are offered.

7   Money place consists of money and money equivalents, restricted money, time deposits and short-term investments, and long-term time deposits and monetary devices included in long-term investments.

8   Non-GAAP fundamental internet earnings per share attributable to atypical shareholders is calculated by dividing non-GAAP internet revenue attributable to atypical shareholders by the weighted common variety of atypical shares excellent throughout the intervals. Non-GAAP diluted internet earnings per share attributable to atypical shareholders is calculated by dividing non-GAAP internet revenue attributable to atypical shareholders by the weighted common variety of atypical shares and dilutive potential atypical shares excellent throughout the intervals, together with the dilutive results of convertible senior notes as decided below the if-converted technique and the dilutive impact of share-based awards as decided below the treasury inventory technique.  

Supply: Li Auto Inc.