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, 2023.
Operating Highlights for the Third Quarter of 2023
- Total vehicle deliveries were 105,108 units in the third quarter of 2023, representing a 296.3% year-over-year increase.
| Deliveries | 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | ||||
| 105,108 | 86,533 | 52,584 | 46,319 | |||||
| Deliveries | 2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | ||||
| 26,524 | 28,687 | 31,716 | 35,221 |
- As of September 30, 2023, the Company had 361 retail stores covering 131 cities, as well as 318 servicing centers and Li Auto-authorized body and paint shops operating in 213 cities.
Financial Highlights for the Third Quarter of 2023
- Vehicle sales were RMB33.62 billion (US$4.61 billion) in the third quarter of 2023, representing an increase of 271.6% from RMB9.05 billion in the third quarter of 2022 and an increase of 20.2% from RMB27.97 billion in the second quarter of 2023.
- Vehicle margin2 was 21.2% in the third quarter of 2023, compared with 12.0% in the third quarter of 2022 and 21.0% in the second quarter of 2023.
- Total revenues were RMB34.68 billion (US$4.75 billion) in the third quarter of 2023, representing an increase of 271.2% from RMB9.34 billion in the third quarter of 2022 and an increase of 21.0% from RMB28.65 billion in the second quarter of 2023.
- Gross profit was RMB7.64 billion (US$1.05 billion) in the third quarter of 2023, representing an increase of 546.7% from RMB1.18 billion in the third quarter of 2022 and an increase of 22.6% from RMB6.24 billion in the second quarter of 2023.
- Gross margin was 22.0% in the third quarter of 2023, compared with 12.7% in the third quarter of 2022 and 21.8% in the second quarter of 2023.
- Income from operations was RMB2.34 billion (US$320.6 million) in the third quarter of 2023, compared with RMB2.13 billion loss from operations in the third quarter of 2022 and representing an increase of 43.9% from RMB1.63 billion income from operations in the second quarter of 2023. Non-GAAP income from operations3 was RMB2.99 billion (US$410.3 million) in the third quarter of 2023, compared with RMB1.72 billion non-GAAP loss from operations in the third quarter of 2022 and representing an increase of 46.5% from RMB2.04 billion non-GAAP income from operations in the second quarter of 2023.
- Net income was RMB2.81 billion (US$385.5 million) in the third quarter of 2023, compared with RMB1.65 billion net loss in the third quarter of 2022 and representing an increase of 21.8% from RMB2.31 billion net income in the second quarter of 2023. Non-GAAP net income3 was RMB3.47 billion (US$475.2 million) in the third quarter of 2023, compared with RMB1.24 billion non-GAAP net loss in the third quarter of 2022 and representing an increase of 27.1% from RMB2.73 billion non-GAAP net income in the second quarter of 2023.
- Net cash provided by operating activities was RMB14.51 billion (US$1.99 billion) in the third quarter of 2023, compared with RMB508.3 million net cash used in operating activities in the third quarter of 2022 and representing an increase of 30.5% from RMB11.11 billion net cash provided by operating activities in the second quarter of 2023.
- Free cash flow4 was RMB13.22 billion (US$1.81 billion) in the third quarter of 2023, compared with negative RMB1.96 billion free cash flow in the third quarter of 2022 and representing an increase of 37.5% from RMB9.62 billion free cash flow in the second quarter of 2023
