Chinese electrical car producer, Li Auto, launched its Q1 monetary report on May tenth. The report revealed a income of 18.79 billion yuan ($2.71 billion) for the quarter, indicating a rise of 96.5% year-on-year and 6.4% in comparison with the earlier quarter. Additionally, Li Auto‘s car gross sales income in Q1 was 18.33 billion yuan, which represents a year-on-year improve of 96.9%.
Li Auto‘s income progress is primarily attributed to the rise in car supply quantity and common promoting value, which was pushed by L-series fashions. In Q1, Li Auto delivered 52,600 autos – a YoY improve of 65.8% – due to the success of L-series fashions. The firm goals to ship between 76,000 and 81,000 items in Q2. Recent knowledge signifies that Li Auto delivered 25,700 new vehicles in April alone; subsequently, it’s anticipated that month-to-month deliveries will stay above this degree for May and June. During an earnings name, CEO Li Xiang acknowledged that gross sales would step by step climb all through Q2 with a goal of reaching month-to-month deliveries of 30,000 items by June.
Li Auto achieved a web revenue of 934 million yuan within the first quarter of 2023, in comparison with a web loss of 10.8666 million yuan throughout the identical interval final 12 months. In the fourth quarter of final 12 months, Li Auto‘s web revenue was 265.3 million yuan. Notably, Li Auto is now the primary electrical car producer in China to attain consecutive earnings for two quarters.
However, Li Auto‘s car gross revenue margin declined year-on-year and quarter-on-quarter within the first quarter. The gross revenue margin for the quarter was 19.8%, in comparison with 22.4% and 20.0% in the identical interval final 12 months and the fourth quarter of final 12 months, respectively. Li Auto attributed this decline primarily to variations in product combine between the 2 quarters.
In phrases of analysis and growth bills, Li Auto invested 1.85 billion yuan in R&D throughout Q1, which is a YoY improve of 34.8%. However, it’s decrease than their funding of 2.07 billion yuan in This autumn final 12 months.
SEE ALSO: Li Auto’s May Day Travel Report: Cumulative Mileage of 144 Million Kilometers
The value of lithium carbonate, a uncooked materials for batteries, has sharply declined because the starting of this 12 months. During a convention name, an analyst inquired whether or not Li Auto had any plans to scale back costs in response. In reply, Li Xiang acknowledged that they don’t have any present plans to decrease costs as they’d already established pricing choices for every car mannequin based mostly on its degree throughout detailed long-term planning.
Li Auto plans to broaden its product lineup by 2025, which is able to consist of one flagship mannequin, 5 extended-range autos, and 5 pure electrical fashions. According to Li Xiang, the corporate is ready to launch a brand new pure electrical mannequin in This autumn of this 12 months. The car can be obtainable for instant supply upon its launch.
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