Li Auto Inc., a leader in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended June 30, 2023.
Quarterly total revenues reached RMB28.65 billion (US$3.95 billion)1
Quarterly deliveries reached 86,533 vehicles
Operating Highlights for the Second Quarter of 2023
- Total vehicle deliveries were 86,533 units in the second quarter of 2023, representing a 201.6% year-over-year increase.
Deliveries | 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | ||||
86,533 | 52,584 | 46,319 | 26,524 | |||||
Deliveries | 2022 Q2 | 2022 Q1 | 2021 Q4 | 2021 Q3 | ||||
28,687 | 31,716 | 35,221 | 25,116 | |||||
- As of June 30, 2023, the Company had 331 retail stores covering 127 cities, as well as 323 servicing centers and Li Auto-authorized body and paint shops operating in 223 cities.
Financial Highlights for the Second Quarter of 2023
- Vehicle sales were RMB27.97 billion (US$3.86 billion) in the second quarter of 2023, representing an increase of 229.7% from RMB8.48 billion in the second quarter of 2022 and an increase of 52.6% from RMB18.33 billion in the first quarter of 2023.
- Vehicle margin2 was 21.0% in the second quarter of 2023, compared with 21.2% in the second quarter of 2022 and 19.8% in the first quarter of 2023.
- Total revenues were RMB28.65 billion (US$3.95 billion) in the second quarter of 2023, representing an increase of 228.1% from RMB8.73 billion in the second quarter of 2022 and an increase of 52.5% from RMB18.79 billion in the first quarter of 2023.
- Gross profit was RMB6.24 billion (US$859.9 million) in the second quarter of 2023, representing an increase of 232.0% from RMB1.88 billion in the second quarter of 2022 and an increase of 62.8% from RMB3.83 billion in the first quarter of 2023.
- Gross margin was 21.8% in the second quarter of 2023, compared with 21.5% in the second quarter of 2022 and 20.4% in the first quarter of 2023.
- Income from operations was RMB1.63 billion (US$224.2 million) in the second quarter of 2023, compared with RMB978.5 million loss from operations in the second quarter of 2022 and representing an increase of 301.3% from RMB405.2 million income from operations in the first quarter of 2023. Non-GAAP income from operations3 was RMB2.04 billion (US$281.8 million) in the second quarter of 2023, compared with RMB520.8 million non-GAAP loss from operations in the second quarter of 2022 and representing an increase of 130.8% from RMB885.4 million non-GAAP income from operations in the first quarter of 2023.
- Net income was RMB2.31 billion (US$318.6 million) in the second quarter of 2023, compared with RMB641.0 million net loss in the second quarter of 2022 and representing an increase of 147.4% from RMB933.8 million net income in the first quarter of 2023. Non-GAAP net income3 was RMB2.73 billion (US$376.1 million) in the second quarter of 2023, compared with RMB183.4 million non-GAAP net loss in the second quarter of 2022 and an increase of 92.9% from RMB1.41 billion non-GAAP net income in the first quarter of 2023.
- Net cash provided by operating activities was RMB11.11 billion (US$1.53 billion) in the second quarter of 2023, compared with RMB1.13 billion net cash provided by operating activities in the second quarter of 2022 and an increase of 42.8% from RMB7.78 billion net cash provided by operating activities in the first quarter of 2023.
- Free cash flow4 was RMB9.62 billion (US$1.33 billion) in the second quarter of 2023, compared with RMB451.7 million free cash flow in the second quarter of 2022 and representing an increase of 43.6% from RMB6.70 billion free cash flow in the first quarter of 2023.
Key Financial Results
(in millions, except for percentages) |
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For the Three Months Ended | % Change5 | |||||||||||||
June 30, 2022 |
March 31, 2023 |
June 30, 2023 |
YoY | QoQ | ||||||||||
RMB | RMB | RMB | ||||||||||||
Vehicle sales | 8,483.6 | 18,327.3 | 27,971.9 | 229.7% | 52.6% | |||||||||
Vehicle margin | 21.2% | 19.8% | 21.0% | (0.2)% | 1.2% | |||||||||
Total revenues | 8,732.6 | 18,787.1 | 28,652.7 | 228.1% | 52.5% | |||||||||
Gross profit | 1,878.3 | 3,830.1 | 6,235.3 | 232.0% | 62.8% | |||||||||
Gross margin | 21.5% | 20.4% | 21.8% | 0.3% | 1.4% | |||||||||
(Loss)/income from operations | (978.5) | 405.2 | 1,625.9 | N/A | 301.3% | |||||||||
Non-GAAP (loss)/income from operations | (520.8) | 885.4 | 2,043.3 | N/A | 130.8% | |||||||||
Net (loss)/income | (641.0) | 933.8 | 2,310.1 | N/A | 147.4% | |||||||||
Non-GAAP net (loss)/income | (183.4) | 1,414.1 | 2,727.5 | N/A | 92.9% | |||||||||
Operating cash flow | 1,129.4 | 7,780.4 | 11,112.4 | N/A | 42.8% | |||||||||
Free cash flow (non-GAAP) | 451.7 | 6,702.1 | 9,621.4 | N/A | 43.6% |
Recent Developments
Delivery Update
- In July 2023, the Company delivered 34,134 vehicles, representing an increase of 227.5% from July 2022. As of July 31, 2023, the Company had 337 retail stores covering 128 cities, in addition to 323 servicing centers and Li Auto-authorized body and paint shops operating in 222 cities.
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