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Li Auto Inc. reported its unaudited Q1 2024 financial results, highlighting a total revenue of RMB25.6 billion (US$3.6 billion) and deliveries of 80,400 vehicles, which marks a 52.9% YoY increase. Vehicle sales reached RMB24.3 billion (US$3.4 billion), up 32.3% YoY but down 39.9% QoQ. The vehicle margin was 19.3%, slightly lower than the previous year's 19.8%. Gross profit was RMB5.3 billion (US$731.9 million), up 38% YoY but down 46% QoQ. Operating expenses rose by 71.4% YoY to RMB5.9 billion, leading to a loss from operations of RMB584.9 million (US$81.0 million). Net income stood at RMB591.1 million (US$81.9 million), a 36.7% decline YoY. Non-GAAP net income was RMB1.3 billion (US$176.8 million). The company expects Q2 2024 deliveries between 105,000 and 110,000 vehicles, with total revenues between RMB29.9 billion (US$4.1 billion) and RMB31.4 billion (US$4.3 billion).
Li Auto Inc. will report its unaudited financial results for the first quarter of 2024 on May 20, 2024. The earnings conference call will be held on the same day. Li Auto is a key player in China's new energy vehicle market.
Li Auto Inc. announced delivering 25,787 vehicles in April 2024, showing a 0.4% year-over-year increase. The total deliveries reached 739,551 by the end of April. The company introduced Li L6, its first model under RMB300,000, which gained popularity. Li Auto will offer complimentary charging services during the May Day holiday and launch OTA version 5.2 enhancing autonomous driving features. The company is focused on user value and product improvement.
Li Auto Inc. has completed its put right offer for its 0.25% Convertible Senior Notes due 2028. The offer expired on April 29, 2024, with no Notes surrendered for repurchase. US$862,500,000 aggregate principal amount of the Notes will remain outstanding.