UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2024
Commission File Number: 001-39407
Li Auto Inc.
(Registrant’s Name)
11 Wenliang Street
Shunyi District, Beijing 101399
People’s Republic of China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Li Auto Inc. |
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By |
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/s/ Tie Li |
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Name |
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Tie Li |
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Title |
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Director and Chief Financial Officer |
Date: October 31, 2024
Exhibit
99.1
Li Auto Inc.
Announces Unaudited Third Quarter 2024 Financial Results
Quarterly total
revenues reached RMB42.9 billion (US$6.1 billion)1
Quarterly deliveries
reached 152,831 vehicles
BEIJING, China,
October 31, 2024 — 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
| · | Total
deliveries for the third quarter of 2024 were 152,831 vehicles, representing a 45.4% year-over-year
increase. |
| | | |
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 | |
| · | As
of September 30, 2024, in China, the Company had 479 retail stores in 145 cities, 436 servicing
centers and Li Auto-authorized body and paint shops operating in 221 cities, and 894 super
charging stations in operation equipped with 4,286 charging stalls. |
Financial Highlights for the Third
Quarter of 2024
| · | Vehicle
sales were RMB41.3 billion (US$5.9 billion) in the third quarter of 2024, representing
an increase of 22.9% from RMB33.6 billion in the third quarter of 2023 and an increase of
36.3% from RMB30.3 billion in the second quarter of 2024. |
| · | Vehicle
margin2 was 20.9% in the third quarter of 2024, compared with 21.2% in the
third quarter of 2023 and 18.7% in the second quarter of 2024. |
| · | Total
revenues were RMB42.9 billion (US$6.1 billion) in the third quarter of 2024, representing
an increase of 23.6% from RMB34.7 billion in the third quarter of 2023 and an increase of
35.3% from RMB31.7 billion in the second quarter of 2024. |
| · | Gross
profit was RMB9.2 billion (US$1.3 billion) in the third quarter of 2024, representing
an increase of 20.7% from RMB7.6 billion in the third quarter of 2023 and an increase of
49.3% from RMB6.2 billion in the second quarter of 2024. |
| · | Gross
margin was 21.5% in the third quarter of 2024, compared with 22.0% in the third quarter
of 2023 and 19.5% in the second quarter of 2024. |
| · | Operating
expenses were RMB5.8 billion (US$825.4 million) in the third quarter of 2024, representing
an increase of 9.2% from RMB5.3 billion in the third quarter of 2023 and an increase of 1.5%
from RMB5.7 billion in the second quarter of 2024. |
| · | Income
from operations was RMB3.4 billion (US$489.2 million) in the third quarter of 2024, representing
an increase of 46.7% from RMB2.3 billion in the third quarter of 2023 and an increase of
633.4% from RMB468.0 million in the second quarter of 2024. |
| · | Operating
margin was 8.0% in the third quarter of 2024, compared with 6.7% in the third quarter
of 2023 and 1.5% in the second quarter of 2024. |
1
All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB7.0176 to US$1.00, the
exchange rate on September 30, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board.
2
Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.
| · | Net
income was RMB2.8 billion (US$401.9 million) in the third quarter of 2024, representing
an increase of 0.3% from RMB2.8 billion in the third quarter of 2023 and an increase of 156.2%
from RMB1.1 billion in the second quarter of 2024. Non-GAAP net income3
was RMB3.9 billion (US$548.8 million) in the third quarter of 2024, representing an increase
of 11.1% from RMB3.5 billion in the third quarter of 2023 and an increase of 156.2% from
RMB1.5 billion in the second quarter of 2024. |
| · | Diluted
net earnings per ADS4 attributable to ordinary shareholders was RMB2.66 (US$0.38)
in the third quarter of 2024, compared with RMB2.67 in the third quarter of 2023 and RMB1.05
in the second quarter of 2024. Non-GAAP diluted net earnings per ADS attributable to ordinary
shareholders was RMB3.63 (US$0.52) in the third quarter of 2024, compared with RMB3.29
in the third quarter of 2023 and RMB1.42 in the second quarter of 2024. |
| · | Net
cash provided by operating activities was RMB11.0 billion (US$1.6 billion) in the third
quarter of 2024, compared with RMB14.5 billion net cash provided by operating activities
in the third quarter of 2023 and RMB429.4 million net cash used in operating activities in
the second quarter of 2024. |
| · | Free
cash flow5 was RMB9.1 billion (US$1.3 billion) in the third quarter of 2024,
compared with RMB13.2 billion in the third quarter of 2023 and negative RMB1.9 billion in
the second 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 | |
| 2.2 | pts |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| 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 | |
| 2.0 | pts |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| 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 | % | |
| 1.3 | pts | |
| 6.5 | pts |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| 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 | |
3
The Company’s non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred
tax assets. See “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.
4 Each ADS represents
two Class A ordinary shares.
5
Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.
6
Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.
Recent Developments
One Million Deliveries Milestone
| · | On
October 18, 2024, the Company hit the one million cumulative vehicle deliveries milestone,
becoming the first emerging new energy automotive brand in China to reach this benchmark.
Notably, the Company hit this milestone just 58 months after delivering its first vehicle
in December 2019. |
OTA 6.4 Update
| · | In
October 2024, the Company released the OTA update version 6.4 for Li MEGA and the Li L series,
significantly enhancing the user experience with a range of new and upgraded autonomous driving,
smart space, and smart electric features. With this update, the Company also rolled out its
latest autonomous driving solution, which integrates an end-to-end (E2E) model and a vision-language
model (VLM), on a full scale to over 320,000 Li AD Max users. Additionally, “Li Xiang
Tong Xue” has evolved further with an upgraded voice model and a newly added eye tracking
function, along with several other features, enabling more natural and human-like interaction
with users. |
Safety and Health Assessment Results
| · | In
September 2024, Li MEGA and Li L6 successfully passed the China Insurance Automotive Safety
Index (C-IASI) crash tests, adhering to the latest assessment protocols. Both models received
a “G+” rating – the highest safety rating – across occupant safety,
pedestrian safety, and assistance safety categories and an “A” rating in the
crashworthiness and repair economy category. Notably, Li MEGA became the first MPV to receive
a “G” rating in crash tests of 25% frontal offset impact on both the driver and
the passenger sides under C-IASI’s latest assessment protocols. |
| · | In
September 2024, Li L6 received a record-setting overall score under the latest assessment
protocols of the China Automobile Health Index (C-AHI) assessment conducted by the China
Automotive Engineering Research Institute Co., Ltd. Li L6 received the highest ratings across
all three categories assessed: the Clean Air Index, the Health Protection Index, and the
Energy Efficiency and Emission Index. |
Environmental, Social, and Governance
(ESG) Performance
| · | In
September 2024, the Company was awarded the highest “AAA” rating by MSCI ESG
Research for the second consecutive year, recognizing its excellence in key areas such as
corporate governance, product quality and safety, clean technologies, and its commitment
to sustainable development and social responsibility. |
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
| · | Total
revenues were RMB42.9 billion (US$6.1 billion) in the third quarter of 2024, representing
an increase of 23.6% from RMB34.7 billion in the third quarter of 2023 and an increase of
35.3% from RMB31.7 billion in the second quarter of 2024. |
| · | Vehicle
sales were RMB41.3 billion (US$5.9 billion) in the third quarter of 2024, representing
an increase of 22.9% from RMB33.6 billion in the third quarter of 2023 and an increase of
36.3% from RMB30.3 billion in the second quarter of 2024. The increase in revenue from vehicle
sales over the third quarter of 2023 and second quarter of 2024 was primarily attributable
to the increase in vehicle deliveries, partially offset by the lower average selling price
mainly due to different product mix. |
| · | Other
sales and services were RMB1.6 billion (US$220.9 million) in the third quarter of 2024,
representing an increase of 45.8% from RMB1.1 billion in the third quarter of 2023 and an
increase of 14.1% from RMB1.4 billion in the second quarter of 2024. The increase in revenue
from other sales and services over the third quarter of 2023 and second quarter of 2024 was
mainly attributable to the increased provision of services and sales of accessories, which
is in line with higher accumulated vehicle sales, and increased sales of embedded products
and services offered together with vehicle sales, which is in line with higher vehicle deliveries. |
Cost of Sales and Gross Margin
| · | Cost
of sales was RMB33.6 billion (US$4.8 billion) in the third quarter of 2024, representing
an increase of 24.5% from RMB27.0 billion in the third quarter of 2023 and an increase of
32.0% from RMB25.5 billion in the second quarter of 2024. The increase in cost of sales over
the third quarter of 2023 and second quarter of 2024 was mainly attributable to increase
in vehicle deliveries, partially offset by the lower average cost of sales due to different
product mix and cost reduction. |
| · | Gross
profit was RMB9.2 billion (US$1.3 billion) in the third quarter of 2024, representing
an increase of 20.7% from RMB7.6 billion in the third quarter of 2023 and an increase of
49.3% from RMB6.2 billion in the second quarter of 2024. |
| · | Vehicle
margin was 20.9% in the third quarter of 2024, compared with 21.2% in the third quarter
of 2023 and 18.7% in the second quarter of 2024. The vehicle margin remained relatively stable
over the third quarter of 2023. The increase in vehicle margin over the second quarter of
2024 was mainly due to cost reduction, partially offset by lower average selling price mainly
due to different product mix. |
| · | Gross
margin was 21.5% in the third quarter of 2024, compared with 22.0% in the third quarter
of 2023 and 19.5% in the second quarter of 2024. The gross margin remained relatively stable
over the third quarter of 2023. The increase in gross margin over the second quarter of 2024
was mainly due to the increase in vehicle margin. |
Operating Expenses
| · | Operating
expenses were RMB5.8 billion (US$825.4 million) in the third quarter of 2024, representing
an increase of 9.2% from RMB5.3 billion in the third quarter of 2023 and an increase of 1.5%
from RMB5.7 billion in the second quarter of 2024. |
| · | Research
and development expenses were RMB2.6 billion (US$368.6 million) in the third quarter
of 2024, representing a decrease of 8.2% from RMB2.8 billion in the third quarter of 2023
and a decrease of 14.6% from RMB3.0 billion in the second quarter of 2024. The decrease in
research and development expenses over the third quarter of 2023 and second quarter of 2024
was mainly attributable to decreased design and development costs for new products and technologies,
and decreased employee compensation. |
| · | Selling,
general and administrative expenses were RMB3.4 billion (US$478.7 million) in the third
quarter of 2024, representing an increase of 32.1% from RMB2.5 billion in the third quarter
of 2023 and an increase of 19.3% from RMB2.8 billion in the second quarter of 2024. The increase
in selling, general and administrative expenses over the third quarter of 2023 and second
quarter of 2024 was primarily due to increased employee compensation associated with the
recognition of share-based compensation expenses regarding the chief executive officer’s
performance-based awards in the third quarter of 2024 as the achievement of the related performance
condition was deemed probable as well as the growth in the number of staff. |
Income from Operations
| · | Income
from operations was RMB3.4 billion (US$489.2 million) in the third quarter of 2024, representing
an increase of 46.7% from RMB2.3 billion in the third quarter of 2023 and an increase of
633.4% from RMB468.0 million in the second quarter of 2024. Operating margin was 8.0%
in the third quarter of 2024, compared with 6.7% in the third quarter of 2023 and 1.5% in
the second quarter of 2024. Non-GAAP income from operations was RMB4.5 billion (US$636.0
million) in the third quarter of 2024, representing an increase of 49.1% from RMB3.0 billion
in the third quarter of 2023 and an increase of 412.9% from RMB870.1 million in the second
quarter of 2024. |
Net Income and Net Earnings Per Share
| · | Net
income was RMB2.8 billion (US$401.9 million) in the third quarter of 2024, representing
an increase of 0.3% from RMB2.8 billion in the third quarter of 2023 and an increase of 156.2%
from RMB1.1 billion in the second quarter of 2024. Non-GAAP net income was RMB3.9
billion (US$548.8 million) in the third quarter of 2024, representing an increase of 11.1%
from RMB3.5 billion in the third quarter of 2023 and an increase of 156.2% from RMB1.5 billion
in the second quarter of 2024. |
| · | Basic
and diluted net earnings per ADS attributable to ordinary shareholders were RMB2.82 (US$0.40)
and RMB2.66 (US$0.38) in the third quarter of 2024, respectively, compared with RMB2.86 and
RMB2.67 in the third quarter of 2023, respectively, and RMB1.11 and RMB1.05 in the second
quarter of 2024, respectively. Non-GAAP basic and diluted net earnings per ADS attributable
to ordinary shareholders were RMB3.85 (US$0.55) and RMB3.63 (US$0.52) in the third quarter
of 2024, respectively, compared with RMB3.53 and RMB3.29 in the third quarter of 2023, respectively,
and RMB1.51 and RMB1.42 in the second quarter of 2024, respectively. |
Cash Position, Operating Cash Flow
and Free Cash Flow
| · | Cash
position7 was RMB106.5 billion (US$15.2 billion) as of September 30, 2024. |
| · | Net
cash provided by operating activities was RMB11.0 billion (US$1.6 billion) in the third
quarter of 2024, compared with RMB14.5 billion net cash provided by operating activities
in the third quarter of 2023 and RMB429.4 million net cash used in operating activities in
the second quarter of 2024. The change in net cash provided by operating activities over
the third quarter of 2023 was mainly due to increased payment related to inventory purchase,
partially offset by the increase in cash received from customers. The change in net cash
provided by operating activities over the second quarter of 2024 was mainly due to the increase
in cash received from customers as a result of the increase in vehicle deliveries. |
| · | Free
cash flow was RMB9.1 billion (US$1.3 billion) in the third quarter of 2024, compared
with RMB13.2 billion in the third quarter of 2023 and negative RMB1.9 billion in the second
quarter of 2024. |
7
Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time
deposits and financial instruments included in long-term investments.
Business Outlook
For the fourth quarter of 2024, the
Company expects:
| · | Deliveries
of vehicles to be between 160,000 and 170,000 vehicles, representing a year-over-year
increase of 21.4% to 29.0%. |
| · | Total
revenues to be between RMB43.2 billion (US$6.2 billion) and RMB45.9 billion (US$6.5 billion),
representing a year-over-year increase of 3.5% to 10.0%. |
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: ir@lixiang.com
Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: Li@christensencomms.com
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 | |
8
Non-GAAP basic net earnings per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable
to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net earnings
per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable to ordinary shareholders by
the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive
effects of convertible senior notes as determined under the if-converted method and the dilutive effect of share-based awards as determined
under the treasury stock method.
Li Auto (PK) (USOTC:LAAOF)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Li Auto (PK) (USOTC:LAAOF)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
