BEIJING, China, Oct. 31, 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 September 30, 2024.
Operating Highlights for the Third Quarter of 2024
| 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | |||||||
| Deliveries | 152,831 | 108,581 | 80,400 | 131,805 | ||||||
| 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | |||||||
| Deliveries | 105,108 | 86,533 | 52,584 | 46,319 | ||||||
Financial Highlights for the Third Quarter of 2024
Key Financial Results
(in millions, except for percentages and per ADS data)
| For the Three Months Ended | % Change6 | ||||||||||
| September 30, 2023 | June 30, 2024 | September 30, 2024 | YoY | QoQ | |||||||
| RMB | RMB | RMB | |||||||||
| Vehicle sales | 33,616.1 | 30,319.7 | 41,323.8 | 22.9% | 36.3% | ||||||
| Vehicle margin | 21.2% | 18.7% | 20.9% | (0.3)pts | 2.2pts | ||||||
| Total revenues | 34,679.5 | 31,678.4 | 42,874.2 | 23.6% | 35.3% | ||||||
| Gross profit | 7,644.5 | 6,176.9 | 9,224.7 | 20.7% | 49.3% | ||||||
| Gross margin | 22.0% | 19.5% | 21.5% | (0.5)pts | 2.0pts | ||||||
| Operating expenses | (5,305.1) | (5,708.9) | (5,792.0) | 9.2% | 1.5% | ||||||
| Income from operations | 2,339.4 | 468.0 | 3,432.7 | 46.7% | 633.4% | ||||||
| Operating margin | 6.7% | 1.5% | 8.0% | 1.3pts | 6.5pts | ||||||
| Net income | 2,812.9 | 1,100.9 | 2,820.5 | 0.3% | 156.2% | ||||||
| Non-GAAP net income | 3,467.3 | 1,503.1 | 3,851.0 | 11.1% | 156.2% | ||||||
| Diluted net earnings per ADS attributable to ordinary shareholders | 2.67 | 1.05 | 2.66 | (0.4)% | 153.3% | ||||||
| Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders | 3.29 | 1.42 | 3.63 | 10.3% | 155.6% | ||||||
| Net cash provided by/(used in) operating activities | 14,506.5 | (429.4) | 11,024.6 | (24.0)% | N/A | ||||||
| Free cash flow (non-GAAP) | 13,224.8 | (1,852.7) | 9,051.8 | (31.6)% | N/A | ||||||
Recent Developments
One Million Deliveries Milestone
OTA 6.4 Update
Safety and Health Assessment Results
Environmental, Social, and Governance (ESG) Performance
CEO and CFO Comments
Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, “We achieved record-breaking deliveries in the third quarter, further cementing our leadership among Chinese automotive brands in the RMB200,000 and above NEV market. In October, we celebrated a major milestone: one million cumulative deliveries, a first for emerging new energy automotive brands in China. These remarkable results highlighted our rapidly growing brand influence and users’ strong recognition of our advancements in intelligentization. As our vehicle deliveries continue to grow, we are creating a virtuous cycle of innovation and advancement, driving the intelligentization of Li Auto vehicles to new heights. Notably, our latest autonomous driving solution, which integrates an end-to-end (E2E) model and a vision-language model (VLM), received overwhelmingly positive feedback from test users. In October, we rolled out this new solution on a full scale to over 320,000 Li AD Max users. Looking ahead, we remain committed to harnessing the power of technology to drive innovation, reinforcing our position as an industry leader as we continue to grow alongside our over one million user families.”
Mr. Tie Li, chief financial officer of Li Auto, added, “In the third quarter, we maintained our robust business performance. Our record vehicle deliveries boosted revenues to a historic high of RMB42.9 billion, representing an increase of 23.6% year-over-year. With sales across our model lineup steadily growing, our economies of scale continued to expand which, combined with Li AD Max vehicles accounting for a larger proportion of our sales mix driven by breakthroughs in intelligentization, allowed us to meaningfully expand our gross margin to 21.5%. Additionally, our net income reached RMB2.8 billion and operating cash flow reached RMB11.0 billion in the third quarter. Building on our solid execution across the organization and strong profitability, we are poised to maintain a relentless pursuit of business growth and technological innovation, which will propel us forward on our journey to achieving our long-term vision.”
Financial Results for the Third Quarter of 2024
Revenues
Cost of Sales and Gross Margin
Operating Expenses
Income from Operations
Net Income and Net Earnings Per Share
Cash Position, Operating Cash Flow and Free Cash Flow
Business Outlook
For the fourth 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 Thursday, October 31, 2024 (8:00 p.m. Beijing/Hong Kong Time on October 31, 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/10042773-bt4saz.html
A replay of the conference call will be accessible through November 7, 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: | 10042773 |
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 RMB7.0176 to US$1.00, the exchange rate on September 30, 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 | |||||||||
| September 30, 2023 | June 30, 2024 | September 30, 2024 | September 30, 2024 | ||||||
| RMB | RMB | RMB | US$ | ||||||
| Revenues: | |||||||||
| Vehicle sales | 33,616,140 | 30,319,728 | 41,323,833 | 5,888,599 | |||||
| Other sales and services | 1,063,315 | 1,358,668 | 1,550,385 | 220,928 | |||||
| Total revenues | 34,679,455 | 31,678,396 | 42,874,218 | 6,109,527 | |||||
| Cost of sales: | |||||||||
| Vehicle sales | (26,491,089) | (24,635,504) | (32,671,723) | (4,655,683) | |||||
| Other sales and services | (543,882) | (865,950) | (977,822) | (139,339) | |||||
| Total cost of sales | (27,034,971) | (25,501,454) | (33,649,545) | (4,795,022) | |||||
| Gross profit | 7,644,484 | 6,176,942 | 9,224,673 | 1,314,505 | |||||
| Operating expenses: | |||||||||
| Research and development | (2,817,206) | (3,027,581) | (2,586,534) | (368,578) | |||||
| Selling, general and administrative | (2,543,770) | (2,815,105) | (3,359,640) | (478,745) | |||||
| Other operating income, net | 55,870 | 133,773 | 154,174 | 21,970 | |||||
| Total operating expenses | (5,305,106) | (5,708,913) | (5,792,000) | (825,353) | |||||
| Income from operations | 2,339,378 | 468,029 | 3,432,673 | 489,152 | |||||
| Other (expense)/income: | |||||||||
| Interest expense | (11,698) | (43,231) | (54,167) | (7,719) | |||||
| Interest income and investment income, net | 439,800 | 370,034 | (21,979) | (3,132) | |||||
| Others, net | 183,585 | 383,237 | 43,752 | 6,235 | |||||
| Income before income tax | 2,951,065 | 1,178,069 | 3,400,279 | 484,536 | |||||
| Income tax expense | (138,191) | (77,129) | (579,789) | (82,619) | |||||
| Net income | 2,812,874 | 1,100,940 | 2,820,490 | 401,917 | |||||
| Less: Net (loss)/income attributable to noncontrolling interests | (10,357) | (1,653) | 6,228 | 887 | |||||
| Net income attributable to ordinary shareholders of Li Auto Inc. | 2,823,231 | 1,102,593 | 2,814,262 | 401,030 | |||||
| Net income | 2,812,874 | 1,100,940 | 2,820,490 | 401,917 | |||||
| Other comprehensive income/(loss) | |||||||||
| Foreign currency translation adjustment, net of tax | 21,998 | 12,444 | (136,283) | (19,420) | |||||
| Total other comprehensive income/(loss) | 21,998 | 12,444 | (136,283) | (19,420) | |||||
| Total comprehensive income | 2,834,872 | 1,113,384 | 2,684,207 | 382,497 | |||||
| Less: Net (loss)/income attributable to noncontrolling interests | (10,357) | (1,653) | 6,228 | 887 | |||||
| Comprehensive income attributable to ordinary shareholders of Li Auto Inc. | 2,845,229 | 1,115,037 | 2,677,979 | 381,610 | |||||
| Weighted average number of ADSs | |||||||||
| Basic | 985,819,450 | 994,833,579 | 997,934,606 | 997,934,606 | |||||
| Diluted | 1,059,821,062 | 1,062,428,185 | 1,062,727,888 | 1,062,727,888 | |||||
| Net earnings per ADS attributable to ordinary shareholders | |||||||||
| Basic | 2.86 | 1.11 | 2.82 | 0.40 | |||||
| Diluted | 2.67 | 1.05 | 2.66 | 0.38 | |||||
| Weighted average number of ordinary shares | |||||||||
| Basic | 1,971,638,899 | 1,989,667,158 | 1,995,869,212 | 1,995,869,212 | |||||
| Diluted | 2,119,642,125 | 2,124,856,370 | 2,125,455,776 | 2,125,455,776 | |||||
| Net earnings per share attributable to ordinary shareholders | |||||||||
| Basic | 1.43 | 0.55 | 1.41 | 0.20 | |||||
| Diluted | 1.34 | 0.52 | 1.33 | 0.19 | |||||
| Li Auto Inc. Unaudited Condensed Consolidated Balance Sheets | |||||||
| (All amounts in thousands) | |||||||
| As of | |||||||
| December 31, 2023 | September 30, 2024 | September 30, 2024 | |||||
| RMB | RMB | US$ | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | 91,329,030 | 77,588,229 | 11,056,234 | ||||
| Restricted cash | 479 | 5,225 | 745 | ||||
| Time deposits and short-term investments | 11,933,255 | 28,948,584 | 4,125,140 | ||||
| Trade receivable | 143,523 | 220,385 | 31,405 | ||||
| Inventories | 6,871,979 | 8,182,199 | 1,165,954 | ||||
| Prepayments and other current assets | 4,247,318 | 4,805,064 | 684,716 | ||||
| Total current assets | 114,525,584 | 119,749,686 | 17,064,194 | ||||
| Non-current assets: | |||||||
| Long-term investments | 1,595,376 | 1,029,625 | 146,720 | ||||
| Property, plant and equipment, net | 15,745,018 | 21,353,936 | 3,042,912 | ||||
| Operating lease right-of-use assets, net | 5,939,230 | 7,263,129 | 1,034,988 | ||||
| Intangible assets, net | 864,180 | 910,477 | 129,742 | ||||
| Goodwill | 5,484 | 5,484 | 781 | ||||
| Deferred tax assets | 1,990,245 | 2,408,771 | 343,247 | ||||
| Other non-current assets | 2,802,354 | 2,099,568 | 299,186 | ||||
| Total non-current assets | 28,941,887 | 35,070,990 | 4,997,576 | ||||
| Total assets | 143,467,471 | 154,820,676 | 22,061,770 | ||||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Short-term borrowings | 6,975,399 | 942,483 | 134,303 | ||||
| Trade and notes payable | 51,870,097 | 52,002,660 | 7,410,320 | ||||
| Amounts due to related parties | 10,607 | 10,815 | 1,541 | ||||
| Deferred revenue, current | 1,525,543 | 1,693,321 | 241,296 | ||||
| Operating lease liabilities, current | 1,146,437 | 1,246,896 | 177,681 | ||||
| Finance lease liabilities, current | — | 72,670 | 10,355 | ||||
| Accruals and other current liabilities | 11,214,626 | 11,993,326 | 1,709,037 | ||||
| Total current liabilities | 72,742,709 | 67,962,171 | 9,684,533 | ||||
| Non-current liabilities: | |||||||
| Long-term borrowings | 1,747,070 | 7,938,390 | 1,131,212 | ||||
| Deferred revenue, non-current | 812,218 | 738,930 | 105,297 | ||||
| Operating lease liabilities, non-current | 3,677,961 | 4,828,599 | 688,070 | ||||
| Finance lease liabilities, non-current | — | 661,432 | 94,253 | ||||
| Deferred tax liabilities | 200,877 | 387,682 | 55,244 | ||||
| Other non-current liabilities | 3,711,414 | 5,272,970 | 751,392 | ||||
| Total non-current liabilities | 10,149,540 | 19,828,003 | 2,825,468 | ||||
| Total liabilities | 82,892,249 | 87,790,174 | 12,510,001 | ||||
| Total Li Auto Inc. shareholders’ equity | 60,142,624 | 66,594,761 | 9,489,676 | ||||
| Noncontrolling interests | 432,598 | 435,741 | 62,093 | ||||
| Total shareholders’ equity | 60,575,222 | 67,030,502 | 9,551,769 | ||||
| Total liabilities and shareholders’ equity | 143,467,471 | 154,820,676 | 22,061,770 | ||||
| Li Auto Inc. Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||||
| (All amounts in thousands) | ||||||||||
| For the Three Months Ended | ||||||||||
| September 30, 2023 | June 30, 2024 | September 30, 2024 | September 30, 2024 | |||||||
| RMB | RMB | RMB | US$ | |||||||
| Net cash provided by/(used in) operating activities | 14,506,532 | (429,397) | 11,024,642 | 1,570,999 | ||||||
| Net cash used in investing activities | (4,424,152) | (3,839,308) | (14,212,597) | (2,025,279) | ||||||
| Net cash provided by/(used in) financing activities | 1,371,433 | (104,743) | 238,305 | 33,958 | ||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (20,252) | 32,257 | (245,692) | (35,010) | ||||||
| Net change in cash, cash equivalents and restricted cash | 11,433,561 | (4,341,191) | (3,195,342) | (455,332) | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | 62,255,649 | 85,129,987 | 80,788,796 | 11,512,311 | ||||||
| Cash, cash equivalents and restricted cash at end of period | 73,689,210 | 80,788,796 | 77,593,454 | 11,056,979 | ||||||
| Net cash provided by/(used in) operating activities | 14,506,532 | (429,397) | 11,024,642 | 1,570,999 | ||||||
| Capital expenditures | (1,281,759) | (1,423,332) | (1,972,878) | (281,133) | ||||||
| Free cash flow (non-GAAP) | 13,224,773 | (1,852,729) | 9,051,764 | 1,289,866 | ||||||
| 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 | |||||||||
| September 30, 2023 | June 30, 2024 | September 30, 2024 | September 30, 2024 | ||||||
| RMB | RMB | RMB | US$ | ||||||
| Cost of sales | (27,034,971) | (25,501,454) | (33,649,545) | (4,795,022) | |||||
| Share-based compensation expenses | 10,662 | 7,652 | 8,213 | 1,170 | |||||
| Non-GAAP cost of sales | (27,024,309) | (25,493,802) | (33,641,332) | (4,793,852) | |||||
| Research and development expenses | (2,817,206) | (3,027,581) | (2,586,534) | (368,578) | |||||
| Share-based compensation expenses | 431,294 | 224,332 | 296,778 | 42,291 | |||||
| Non-GAAP research and development expenses | (2,385,912) | (2,803,249) | (2,289,756) | (326,287) | |||||
| Selling, general and administrative expenses | (2,543,770) | (2,815,105) | (3,359,640) | (478,745) | |||||
| Share-based compensation expenses | 212,443 | 170,129 | 725,500 | 103,383 | |||||
| Non-GAAP selling, general and administrative expenses | (2,331,327) | (2,644,976) | (2,634,140) | (375,362) | |||||
| Income from operations | 2,339,378 | 468,029 | 3,432,673 | 489,152 | |||||
| Share-based compensation expenses | 654,399 | 402,113 | 1,030,491 | 146,844 | |||||
| Non-GAAP income from operations | 2,993,777 | 870,142 | 4,463,164 | 635,996 | |||||
| Net income | 2,812,874 | 1,100,940 | 2,820,490 | 401,917 | |||||
| Share-based compensation expenses | 654,399 | 402,113 | 1,030,491 | 146,844 | |||||
| Non-GAAP net income | 3,467,273 | 1,503,053 | 3,850,981 | 548,761 | |||||
| Net income attributable to ordinary shareholders of Li Auto Inc. | 2,823,231 | 1,102,593 | 2,814,262 | 401,030 | |||||
| Share-based compensation expenses | 654,399 | 402,113 | 1,030,491 | 146,844 | |||||
| Non-GAAP net income attributable to ordinary shareholders of Li Auto Inc. | 3,477,630 | 1,504,706 | 3,844,753 | 547,874 | |||||
| Weighted average number of ADSs | |||||||||
| Basic | 985,819,450 | 994,833,579 | 997,934,606 | 997,934,606 | |||||
| Diluted | 1,059,821,062 | 1,062,428,185 | 1,062,727,888 | 1,062,727,888 | |||||
| Non-GAAP net earnings per ADS attributable to ordinary shareholders | |||||||||
| Basic | 3.53 | 1.51 | 3.85 | 0.55 | |||||
| Diluted | 3.29 | 1.42 | 3.63 | 0.52 | |||||
| Weighted average number of ordinary shares | |||||||||
| Basic | 1,971,638,899 | 1,989,667,158 | 1,995,869,212 | 1,995,869,212 | |||||
| Diluted | 2,119,642,125 | 2,124,856,370 | 2,125,455,776 | 2,125,455,776 | |||||
| Non-GAAP net earnings per share attributable to ordinary shareholders8 | |||||||||
| Basic | 1.76 | 0.76 | 1.93 | 0.27 | |||||
| Diluted | 1.64 | 0.71 | 1.81 | 0.26 | |||||
| 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 September 30, 2024 August 31, 2024 | |
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