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
| 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 | ||||||
Financial Highlights for the Second 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 | 8.4% | 25.0% | ||||||
| Vehicle margin | 21.0% | 19.3% | 18.7% | (2.3)pts | (0.6)pts | ||||||
| Total revenues | 28,652.7 | 25,633.7 | 31,678.4 | 10.6% | 23.6% | ||||||
| Gross profit | 6,235.3 | 5,284.3 | 6,176.9 | (0.9)% | 16.9% | ||||||
| Gross margin | 21.8% | 20.6% | 19.5% | (2.3)pts | (1.1)pts | ||||||
| Operating expenses | (4,609.4) | (5,869.2) | (5,708.9) | 23.9% | (2.7)% | ||||||
| Income/(Loss) from operations | 1,625.9 | (584.9) | 468.0 | (71.2)% | N/A | ||||||
| Operating margin | 5.7% | (2.3)% | 1.5% | (4.2)pts | 3.8pts | ||||||
| Net income | 2,310.1 | 591.1 | 1,100.9 | (52.3)% | 86.2% | ||||||
| Non-GAAP net income | 2,727.5 | 1,276.4 | 1,503.1 | (44.9)% | 17.8% | ||||||
| Diluted net earnings per ADS attributable to ordinary shareholders | 2.18 | 0.56 | 1.05 | (51.8)% | 87.5% | ||||||
| Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders | 2.58 | 1.21 | 1.42 | (45.0)% | 17.4% | ||||||
| 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
OTA 6.0 and 6.1 Updates
Product Health Evaluation Results
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 25.5% year over year, a strong testament to our product strength and the effectiveness of our recalibrated operating strategy. In June 2024, we surpassed the 800,000-vehicle milestone in cumulative deliveries, making history for Chinese premium automotive brands. In addition to our strong sales results, we made substantial progress in autonomous driving. In July, we rolled out our high-definition map-independent NOA with nationwide coverage to over 240,000 Li AD Max users and launched our next-generation autonomous driving technological architecture that integrates an E2E model and a VLM. We will relentlessly pursue innovation and excellence to solidify our position as a preferred premium automotive brand for Chinese families, providing our users with products and services that exceed their expectations, and creating happiness for families.”
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 10.6% year over year to RMB31.7 billion. Despite the impact from ramping up a new model, our gross margin remained healthy at 19.5%. As Li L6 production stabilizes and our cost reduction and efficiency enhancement measures take full effect, we expect an increase in both our margins and cash flow in the second half of the year. Looking ahead, we are committed to investing in technological and product advancements to drive steady business growth, while simultaneously optimizing our cost structure.”
Financial Results for the Second Quarter of 2024
Revenues
Cost of Sales and Gross Margin
Operating Expenses
Income/(Loss) from Operations
Net Income and Net Earnings Per Share
Cash Position, Operating Cash Flow and Free Cash Flow
Business Outlook
For the third quarter of 2024, the Company expects:
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$1.00, the exchange rate on June 28, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
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: This email address is being protected from spambots. You need JavaScript enabled to view it.
Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
| 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 | |||||
| Last Trade: | US$23.56 |
| Daily Change: | 0.21 0.90 |
| Daily Volume: | 4,313,662 |
| Market Cap: | US$20.810B |
November 30, 2024 November 01, 2024 October 31, 2024 September 30, 2024 August 31, 2024 | |
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