Li Auto Inc. recently shared its financial results for the fourth quarter and full year of 2023. In Q4 2023, they achieved total revenues of RMB41.73 billion (US$5.88 billion) and delivered 131,805 vehicles, marking a 184.6% YoY increase. For the entire year, total revenues amounted to RMB123.85 billion (US$17.44 billion) with 376,030 vehicles delivered, showing an impressive 182.2% YoY growth.
Operating Highlights:
– Q4 2023 saw 131,805 vehicle deliveries, up by 184.6% from the same period in 2022.
– By the end of 2023, Li Auto had 467 retail stores in 140 cities, along with 360 servicing centers and authorized shops in 209 cities.
Financial Highlights – Q4 2023:
– Vehicle sales in Q4 2023 were RMB40.38 billion (US$5.69 billion), a 133.8% increase from Q4 2022.
– Vehicle margin reached 22.7%, up from 20.0% in Q4 2022.
– Total revenues in Q4 2023 amounted to RMB41.73 billion (US$5.88 billion), a 136.4% increase from Q4 2022.
– Gross profit in Q4 2023 was RMB9.79 billion (US$1.38 billion), a 174.4% increase from Q4 2022.
– Operating expenses rose to RMB6.75 billion (US$950.8 million), reflecting an 82.4% increase from Q4 2022.
– Net income in Q4 2023 reached RMB5.75 billion (US$810.2 million), a significant increase of 2,068.2% from Q4 2022.
Full Year 2023 Financial Highlights:
– Vehicle sales for 2023 were RMB120.29 billion (US$16.94 billion), a 172.7% increase from 2022.
– Total revenues in 2023 amounted to RMB123.85 billion (US$17.44 billion), up by 173.5% from 2022.
– Gross profit for 2023 was RMB27.50 billion (US$3.87 billion), a 212.8% increase from 2022.
– Net income for 2023 reached RMB11.81 billion (US$1.66 billion), compared to a net loss of RMB2.03 billion in 2022.
Cash Flow and Employee Details:
– Net cash from operating activities in Q4 2023 increased by 251.1% YoY to RMB17.29 billion (US$2.44 billion).
– Free cash flow in Q4 2023 was RMB14.64 billion (US$2.06 billion), marking a 349.4% increase from Q4 2022.
– As of December 31, 2023, Li Auto had 31,591 employees.
Business Outlook for Q1 2024:
– Li Auto anticipates delivering between 100,000 and 103,000 vehicles in Q1 2024, reflecting a 90.2% to 95.9% YoY increase.
– Expected total revenues for Q1 2024 are between RMB31.25 billion (US$4.40 billion) and RMB32.19 billion (US$4.53 billion), indicating a 66.3% to 71.3% YoY growth.
It’s important to note that these projections are subject to change based on the company’s evolving business situation and market conditions.
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