Li Auto Inc. Reports Impressive Q3 2024 Financial Results
Quarterly total revenues reached RMB42.9 billion (US$6.1 billion), with quarterly deliveries hitting 152,831 vehicles. Li Auto Inc. (Nasdaq: LI; HKEX: 2015), a prominent player in the new energy vehicle market, has announced its unaudited financial results for Q3 2024.
Operating Highlights
During the third quarter of 2024:
- Total deliveries surged to 152,831 vehicles, marking a robust 45.4% increase from the previous year.
- The company operated 479 retail stores in 145 cities, significantly enhancing its market reach.
- There were 894 supercharging stations across 221 cities, equipped with 4,286 charging stalls, bolstering customer convenience.
Financial Performance Overview
Li Auto's financial results for Q3 2024 showed significant growth:
- Vehicle sales revenue reached RMB41.3 billion (US$5.9 billion), a 22.9% increase year-over-year.
- Gross profit was RMB9.2 billion (US$1.3 billion), a year-over-year growth of 20.7%.
- The company reported a net income of RMB2.8 billion (US$401.9 million), maintaining steady profitability since Q3 2023.
- Operating expenses were recorded as RMB5.8 billion (US$825.4 million), with continued investments in research and development.
Recent Developments
Li Auto has hit several key milestones recently:
- One Million Deliveries Milestone: The company achieved this remarkable target in rapid growth of only 58 months since launching its first vehicle.
- OTA 6.4 Update: The recent release of the OTA update 6.4 has revolutionized the user experience with communications on autonomous driving and smart features.
- Outstanding Safety Performance: Models like Li MEGA and Li L6 received the highest safety ratings under stringent test conditions.
- ESG Achievements: Recognition as a leader in corporate governance and sustainable practices, earning 'AAA' ESG rating from MSCI for the second consecutive year.
Leadership Comments
CEO Mr. Xiang Li remarked on the remarkable performance: "We accomplished record deliveries in the third quarter and celebrated a significant milestone, reinforcing our leadership in high-end new energy vehicles. We are dedicated to harnessing technology for continuous innovation and growth."
CFO Mr. Tie Li stated: "Our strong vehicle sales reinforced our revenue growth to a record RMB42.9 billion this quarter. With our expanding sales mix of advanced vehicles, we're poised for ongoing success."
Financial Projections Ahead
Looking into Q4 2024, Li Auto projected:
- Deliveries between 160,000 and 170,000 vehicles, representing a year-over-year increase of 21.4% to 29.0%.
- Total revenues ranging from RMB43.2 billion (US$6.2 billion) to RMB45.9 billion (US$6.5 billion), indicating healthy growth expectations.
Frequently Asked Questions
What were Li Auto's revenues for Q3 2024?
Li Auto's revenues reached RMB42.9 billion (US$6.1 billion) in Q3 2024.
How many vehicles did Li Auto deliver during the third quarter?
The company delivered 152,831 vehicles in Q3 2024.
What is the outlook for vehicle deliveries in Q4 2024?
Li Auto expects to deliver between 160,000 and 170,000 vehicles in Q4 2024.
What significant milestones did Li Auto achieve recently?
Li Auto reached the milestone of one million cumulative vehicle deliveries, becoming a leader in its segment.
How does Li Auto rank in terms of ESG performance?
Li Auto earned an 'AAA' rating from MSCI ESG Research for its commitment to governance and sustainability.
