Li Auto-W's third-quarter vehicle deliveries reached a record high, with a net profit of 2.82 billion yuan, a quarter-on-quarter increase of 156.2%

According to the Zhitong Finance APP, Li Auto-W (02015) announced its performance for the third quarter of 2024, with total vehicle deliveries of approximately 152,800 units, a year-on-year increase of 45.4%. Vehicle sales revenue was RMB 41.324 billion, an increase of 22.9% year-on-year and a quarter-on-quarter increase of 36.3%. Total revenue was RMB 42.874 billion, a year-on-year increase of 23.6% and a quarter-on-quarter increase of 35.3%. Gross profit was RMB 9.225 billion, a year-on-year increase of 20.7% and a quarter-on-quarter increase of 49.3%. Net profit was RMB 2.82 billion, a year-on-year increase of 0.3% and a quarter-on-quarter increase of 156.2%.

The announcement stated that the increase in vehicle sales revenue compared to the third quarter of 2023 and the second quarter of 2024 was mainly due to the increase in vehicle deliveries, although this was partially offset by a decrease in average selling price caused by different product mixes.

As of October 18, 2024, the company’s cumulative deliveries surpassed 1 million units, becoming the first Chinese new power brand to reach the milestone of 1 million deliveries, taking only 58 months since delivering its first complete vehicle in December 2019.

Mr. Li Xiang, Chairman and CEO of Li Auto, stated: “In the third quarter, Li Auto achieved a record quarterly delivery volume, further consolidating our position as the champion of sales among Chinese automotive brands in the new energy vehicle market priced above RMB 200,000. In October this year, Li Auto reached the milestone of cumulative deliveries of 1 million units, becoming the first Chinese new power brand to break the 1 million delivery mark. These outstanding achievements demonstrate the rapidly increasing brand influence of Li Auto and the high recognition of our intelligent achievements by users. With the growth of cumulative deliveries, we have achieved a virtuous cycle of innovation and development, continuously elevating the intelligence of Li Auto to new heights. It is worth mentioning that our new intelligent driving solution, which combines end-to-end (E2E) and visual language models (VLM), has received very positive feedback from test users and has been fully pushed to over 320,000 AD Max owners in October. Looking ahead, we will continue to drive innovation through technology, strengthen our industry-leading position, and grow together with millions of user families.”

Mr. Li Tie, Chief Financial Officer of Li Auto, added: “In the third quarter, we maintained strong business performance, with record vehicle deliveries driving revenue growth of 23.6% year-on-year to RMB 42.9 billion, reaching a historical high. As the sales of all Li Auto models steadily increase, economies of scale continue to expand, and breakthroughs in our intelligent technology drive an increase in the sales proportion of the Li AD Max models, the gross margin in the third quarter grew to 21.5%, net profit reached RMB 2.8 billion, and we achieved operating cash flow of RMB 11 billion. Our strong organizational execution and robust profitability will support Li Auto in continuously driving business development and technological innovation, steadily advancing towards our long-term vision.”

In the fourth quarter of 2024, the company expects: vehicle deliveries to be between 160,000 and 170,000 units, a year-on-year increase of 21.4% to 29.0%; total revenue to be between RMB 43.2 billion (USD 6.2 billion) and RMB 45.9 billion (USD 6.5 billion), a year-on-year increase of 3.5% to 10.0%