Li Auto Inc. Drives Impressive Growth: Q4 2023 Revenues Soar to $5.88 Billion, Full Year Deliveries Reach 376,030 Vehicles

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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