UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024
Commission File Number: 001-39407
Li Auto Inc.
(Registrant's Name)
11 Wenliang Street
Shunyi District, Beijing 101399
People's Republic of China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annualreports
under cover Form 20-F or Form 40-F.
Form 20-F
x
Form 40-F
..
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release-Li Auto Inc. Announces Unaudited First Quarter 2024 Financial Results
SIGNATURES
Pursuant to the requirements of the SecuritiesExchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Li Auto Inc.
By /s/ Tie Li
Name : Tie Li
Title : Director and Chief Financial Officer
Date: May
20,2024
Exhibit 99.1
Li Auto Inc. Announces Unaudited First Quarter2024 Financial Results
Quarterly total revenues reached RMB25.6 billion(US$3.6 billion)
1
Quarterly deliveries reached 80,400 vehicles
BEIJING, China, May 20, 2024 - Li AutoInc. ("Li Auto" or the "Company")
(Nasdaq: LI; HKEX: 2015), a leader in China's new energy vehicle market,today
announced its unaudited financial results for the quarter ended March 31, 2024.
Operating Highlights for the First Quarter of 2024
. Total deliveries for the first quarter of 2024 were 80,400 vehicles, representing a 52.9% year-over-yearincrease.
2024 Q1 2023 Q4 2023 Q3 2023 Q2
Deliveries 80,400 131,805 105,108 86,533
2023 Q1 2022 Q4 2022 Q3 2022 Q2
Deliveries 52,584 46,319 26,524 28,687
. As of March 31, 2024, in China, the Company had 474 retail stores in 142 cities, 356 servicing centersand Li Auto-authorized
body and paint shops operating in 209 cities, and 357 super charging stations in operation equipped with 1,544charging stalls.
Financial Highlights for the First Quarter of 2024
. Vehicle sales
were RMB24.3 billion (US$3.4 billion) in the first quarter of 2024, representingan increase of 32.3% from RMB18.3
billion in the first quarter of 2023 and a decrease of 39.9% from RMB40.4 billion in the fourth quarterof 2023.
. Vehicle margin
2
was 19.3% in the first quarter of 2024, compared with 19.8% in the first quarter of 2023 and 22.7% in the fourth quarter of 2023.
. Total revenues
were RMB25.6 billion (US$3.6 billion) in the first quarter of 2024, representingan increase of 36.4% from RMB18.8
billion in the first quarter of 2023 and a decrease of 38.6% from RMB41.7 billion in the fourth quarterof 2023.
. Gross profit
was RMB5.3 billion (US$731.9 million) in the first quarter of 2024, representing anincrease of 38.0% from RMB3.8
billion in the first quarter of 2023 and a decrease of 46.0% from RMB9.8 billion in the fourth quarter of2023.
. Gross margin
was 20.6% in the first quarter of 2024, compared with 20.4% in the first quarter of2023 and 23.5% in the fourth quarter of 2023.
. Operating expenses
were RMB5.9 billion (US$812.9 million) in the first quarter of 2024, representingan increase of 71.4% from RMB3.4
billion in the first quarter of 2023 and a decrease of 13.1% from RMB6.8 billion in the fourth quarterof 2023.
. Loss from operations
was RMB584.9 million (US$81.0 million) in the first quarter of 2024, comparedwith RMB405.2 million income from
operations in the first quarter of 2023 and RMB3.0 billion income from operations in the fourth quarterof 2023.
. Operating margin
was negative 2.3% in the first quarter of 2024, compared with 2.2%
in the firstquarter of 2023 and 7.3% in the fourth quarter of 2023.
1
All translations from Renminbi ("RMB") to U.S. dollars ("US$") are made at a
rate of RMB7.2203 to US$1.00, theexchange rate on March 29, 2024 as set forth
in the H.10 statistical release of the Federal Reserve Board.
2
Vehicle margin is the margin of vehicle sales, which is calculated based on
revenues and cost of sales derived from vehicle sales only.
1
. Net income
was RMB591.1 million (US$81.9 million) in the first quarter of 2024, representing adecrease of 36.7% from RMB933.8
million in the first quarter of 2023 and a decrease of 89.7% from RMB5.8 billion in the fourth quarterof 2023.
Non-GAAP net income
3
was RMB1.3 billion (US$176.8 million) in the first quarter of 2024, representing a decreaseof 9.7% from RMB1.4
billion in the first quarter of 2023 and a decrease of 72.2% from RMB4.6 billion in the fourth quarter of 2023.
. Diluted net earnings per ADS
4
attributable to ordinary shareholders
was RMB0.56 (US$0.08)in the first quarter of 2024, compared with RMB0.89
in the first quarter of 2023 and RMB5.32 in the fourth quarter of 2023.
Non-GAAPdiluted net earnings per ADS
attributable to ordinary shareholders
was RMB1.21 (US$0.17) in the first quarter of 2024, compared withRMB1.35
in the first quarter of 2023 and RMB4.23 in the fourth quarter of 2023.
. Net cash used in operating activities
was RMB3.3 billion (US$462.9 million) in the first quarterof 2024,
compared with RMB7.8 billion net cash provided by operating
activities in the first quarter of 2023 and RMB17.3 billion net
cashprovided by operating activities in the fourth quarter of 2023.
. Free cash flow
5
was negative RMB5.1 billion (US$700.1 million) in the first quarterof 2024, compared with
RMB6.7 billion in the first quarter of 2023 and RMB14.6 billion in the fourth quarter of 2023.
Key Financial Results
(in millions, except for percentages and per ADS data)
For the Three % Change
Months Ended 6
March December March YoY QoQ
31, 31, 31,
2023 2023 2024
RMB RMB RMB
Vehicle 18,327.3 40,379.3 24,251.6 32.3 % (39.9 )%
sales
Vehicle 19.8 % 22.7 % 19.3 % (0.5 )pts (3.4 )pts
margin
Total 18,787.1 41,732.1 25,633.7 36.4 % (38.6 )%
revenues
Gross 3,830.1 9,786.9 5,284.3 38.0 % (46.0 )%
profit
Gross 20.4 % 23.5 % 20.6 % 0.2 pts (2.9 )pts
margin
Operating (3,424.9 ) (6,750.5 ) (5,869.2 ) 71.4 % (13.1 )%
expenses
Income/(Loss) 405.2 3,036.4 (584.9 ) N/A N/A
from operations
Operating 2.2 % 7.3 % (2.3 )% (4.5 )pts (9.6 )pts
margin
Net 933.8 5,752.3 591.1 (36.7 )% (89.7 )%
income
Non-GAAP 1,414.1 4,588.7 1,276.4 (9.7 )% (72.2 )%
net income
Diluted net earnings per ADS 0.89 5.32 0.56 (37.1 )% (89.5 )%
attributable to ordinary shareholders
Non-GAAP diluted net earnings per ADS 1.35 4.23 1.21 (10.4 )% (71.4 )%
attributable to ordinary shareholders
Net cash provided by/(used 7,780.4 17,294.2 (3,342.4 ) N/A N/A
in) operating activities
Free cash flow 6,702.1 14,638.1 (5,055.2 ) N/A N/A
(non-GAAP)
3
The Company's non-GAAP financial measures exclude share-based compensation
expenses and release of valuation allowance ondeferred tax assets. See
"Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end
of this press release.
4
Each ADS represents two Class A ordinary shares.
5
Free cash flow represents operating cash flow less capital expenditures, which
is considered a non-GAAP financial measure.
6
Except for vehicle margin, gross margin, and operating margin, where absolute
changes instead of percentage changes are presented.
2
Recent Developments
Delivery Update
. In April 2024, the Company delivered 25,787 vehicles, representing an increase of 0.4%
from April 2023.As of April 30, 2024, in China, the Company had 481 retail stores in 144
cities, 361 servicing centers and Li Auto-authorized bodyand paint shops operating in 210
cities, and 386 super charging stations in operation equipped with 1,678 charging stalls.
New Model Launches
. Li MEGA: in March 2024, the Company launched and commenced delivery of Li MEGA, its high-tech
flagshipfamily MPV. Built on an 800-volt battery electric platform, Li MEGA is equipped with Qilin
5C battery and can achieve a driving rangeof 500 kilometers with a 12-minute charge using Li
Auto 5C super charging stalls. It features a next-generation design with low drag coefficientand
energy consumption, while offering superior driving and riding comfort and safety with spacious
interior, numerous premium configurations,and strict safety standards. In terms of vehicle
intelligence, its Li SS Ultra smart space and Li AD Max autonomous driving systems arepowered by a
high-performance Qualcomm Snapdragon 8295P chip and dual NVIDIA DRIVE Orin-X chips, respectively.
. 2024 Li L Series: in March 2024, the Company launched and commenced delivery of the 2024 Li
L7, LiL8, and Li L9. With extensive upgrades across range extension system, chassis system,
and configurations with respect to safety, comfort,intelligence, among others, the 2024 Li
L series boast comprehensively enhanced product strengths to better meet families' needs.
. Li L6: in April 2024, the Company launched and commenced delivery of Li L6, a five-seat
premium familySUV that offers a spacious interior and superior configurations.
It employs an all-wheel-drive extended range electric system built withthe latest
generation of lithium iron phosphate batteries. Li L6 is available in Pro and
Max trims, both featuring a four-screen interactionsystem powered by a Qualcomm
Snapdragon 8295P chip. Li L6 Pro comes standard with Li AD Pro autonomous driving
system, powered by a HorizonRobotics Journey 5, while the Max trim comes standard
with Li AD Max autonomous driving system, powered by dual NVIDIA DRIVE Orin-X chips.
2023 Environmental, Social and Governance Report
. On April 12, 2024, the Company published its 2023 Environmental, Social and Governance (ESG)
report(https://ir.lixiang.com/esg), which outlines its efforts in fulfilling social responsibilities
and the advancements and practices thatit has implemented throughout the year to integrate
sustainability and sound governance into its corporate strategies and daily operations.
CEO and CFO Comments
Mr. Xiang Li, chairman and chief executiveofficer of Li Auto, commented, "In
the first quarter of 2024, our deliveries reached 80,400 vehicles, up 52.9%
year over year, furthersolidifying Li Auto's leadership position in the
RMB300,000 and higher NEV market in China. In March, we launched and
commenceddelivery of our high-tech flagship family MPV, Li MEGA, which is also
our first high-power charging BEV. Meanwhile, we accelerated ourefforts to
deploy super charging stations nationwide, adding charging resources for Li
Auto users to expedite the 0-to-1 development phaseof our high-power charging
BEVs. In April, we launched and commenced delivery of Li L6, a five-seat
premium family SUV, to satisfy themobility needs of more young families,
making all-wheel-drive range extension system and intelligent features
available on vehicles pricedbelow RMB300,000. As our company continues to grow
amidst an ever-changing market landscape, we will embrace the twists and turns
thatthe journey presents and consistently focus on enhancing operating
efficiency while persistently creating incremental user value."
Mr. Tie Li, chief financial officer of LiAuto, added, "Despite the rollout of
a new model, product iterations, and pricing adjustments, our first quarter
financial resultsremained solid. Our revenue reached RMB25.6 billion for the
period, growing by 36.4% year over year, and our gross margin stayed healthyat
20.6%. While our first quarter deliveries fluctuated sequentially, we remain
confident that our deliveries will continue to grow inthe coming quarters. In
line with this outlook, we have maintained the pace of our investments in
research and development and sales andservicing network. Looking ahead, we
will continue to rigorously evaluate and streamline our operations while being
fully centered onusers and products, driving progress toward our long-term
goals and strategic vision amidst a competitive market."
3
Financial Results for the First Quarter of 2024
Revenues
. Total revenues
were RMB25.6 billion (US$3.6 billion) in the first quarter of 2024, representingan increase of 36.4% from RMB18.8
billion in the first quarter of 2023 and a decrease of 38.6% from RMB41.7 billion in the fourth quarterof 2023.
. Vehicle sales
were RMB24.3 billion (US$3.4 billion) in the first quarter of 2024, representingan increase of
32.3% from RMB18.3 billion in the first quarter of 2023 and a decrease of 39.9% from RMB40.4
billion in the fourth quarterof 2023. The increase in revenue from vehicle sales over the
first quarter of 2023 was mainly attributable to the increase in vehicledeliveries, partially
offset by the lower average selling price due to different product mix and pricing strategy
changes between twoquarters. The decrease in revenue from vehicle sales over the fourth quarter
of 2023 was mainly due to the decrease in vehicle deliverieswhich were affected by seasonal
factors related to the Chinese New Year holiday and lower-than-expected order intake in March.
. Other sales and services
were RMB1.4 billion (US$191.4 million) in the first quarter of 2024, representingan increase
of 200.6% from RMB459.7 million in the first quarter of 2023 and an increase of 2.2% from
RMB1.4 billion in the fourth quarterof 2023. The increase in revenue from other sales and
services over the first quarter of 2023 was mainly attributable to the increasedsales of
embedded products and services, including charging stalls, offered together with vehicle
sales, which is in line with highervehicle deliveries, and the increased sales of accessories
and provision of services, which is in line with higher accumulated vehiclesales. The revenue
from other sales and services remained relatively stable over the fourth quarter of 2023.
Cost of Sales and Gross Margin
. Cost of sales
was RMB20.3 billion (US$2.8 billion) in the first quarter of 2024,
representing anincrease of 36.1% from RMB15.0 billion in the first quarter of
2023 and a decrease of 36.3% from RMB31.9 billion in the fourth quarterof
2023. The increase in cost of sales over the first quarter of 2023 was
mainly attributable to the increase in vehicle deliveries, partiallyoffset
by the lower average cost of sales due to different product mix between
two quarters. The decrease in cost of sales over the fourthquarter of
2023 was mainly attributable to the decrease in vehicle deliveries.
. Gross profit
was RMB5.3 billion (US$731.9 million) in the first quarter of 2024, representing anincrease of 38.0% from RMB3.8
billion in the first quarter of 2023 and a decrease of 46.0% from RMB9.8 billion in the fourth quarter of2023.
. Vehicle margin
was 19.3% in the first quarter of 2024, compared with 19.8% in the first quarterof 2023 and 22.7% in the fourth quarter of 2023.
The vehicle margin remained relatively stable over the first quarter of 2023. The decreasein vehicle margin over the fourth
quarter of 2023 was mainly due to lower average selling price as a result of pricing strategy changesin the first quarter of 2024
and true-up adjustments of warranty reserve in the fourth quarter of 2023 based on updated estimate of costsof future claims.
. Gross margin
was 20.6% in the first quarter of 2024, compared with 20.4% in the first quarter
of2023 and 23.5% in the fourth quarter of 2023. The gross margin remained relatively
stable over the first quarter of 2023. The decreaseof gross margin over the
fourth quarter of 2023 was mainly attributable to the decrease in vehicle margin.
Operating Expenses
. Operating expenses
were RMB5.9 billion (US$812.9 million) in the first quarter of 2024, representingan increase of 71.4% from RMB3.4
billion in the first quarter of 2023 and a decrease of 13.1% from RMB6.8 billion in the fourth quarterof 2023.
. Research and development expenses
were RMB3.0 billion (US$422.3 million) in the first quarter of2024, representing an
increase of 64.6% from RMB1.9 billion in the first quarter of 2023 and a decrease
of 12.7% from RMB3.5 billion inthe fourth quarter of 2023. The increase in
research and development expenses over the first quarter of 2023 was primarily due
to increasedemployee compensation as a result of the growth in number of staff
as well as increased expenses to support the expanding product portfoliosand
technologies. The decrease in research and development expenses over the fourth
quarter of 2023 was mainly in line with timing andprogress of new vehicle programs.
. Selling, general and administrative expenses
were RMB3.0 billion (US$412.4 million) in the firstquarter of 2024, representing an
increase of 81.0% from RMB1.6 billion in the first quarter of 2023 and a decrease
of 8.9% from RMB3.3billion in the fourth quarter of 2023. The increase in selling,
general and administrative expenses over the first quarter of 2023 wasprimarily due
to increased employee compensation as a result of the growth in number of staff as
well as increased rental and other expensesassociated with the expansion of sales and
servicing network. The decrease in selling, general and administrative expenses over
the fourthquarter of 2023 was mainly due to the decrease in vehicle deliveries.
4
(Loss)/Income from Operations
. Loss from operations
was RMB584.9 million (US$81.0 million) in the first quarter of 2024, comparedwith RMB405.2 million income from
operations in the first quarter of 2023 and RMB3.0 billion income from operations in the fourth quarterof 2023.
Operating margin
was negative 2.3% in the first quarter of 2024, compared with 2.2%
in the first quarter of 2023 and 7.3%in the fourth quarter of 2023.
Non-GAAP income from operations
was RMB100.3 million (US$13.9 million) in the first quarter of 2024,representing a decrease of 88.7% from RMB885.4
million in the first quarter of 2023 and a decrease of 97.4% from RMB3.9 billion in thefourth quarter of 2023.
Net Income and Net Earnings Per Share
. Net income
was RMB591.1 million (US$81.9 million) in the first quarter of 2024, representing adecrease of 36.7% from RMB933.8
million in the first quarter of 2023 and a decrease of 89.7% from RMB5.8 billion in the fourth quarterof 2023.
Non-GAAP net income
was RMB1.3 billion (US$176.8 million) in the first quarter of 2024, representing a decrease of 9.7%from RMB1.4
billion in the first quarter of 2023 and a decrease of 72.2% from RMB4.6 billion in the fourth quarter of 2023.
. Basic and diluted net earnings per ADS
attributable to ordinary shareholders
were RMB0.60 (US$0.08)and RMB0.56 (US$0.08) in the first quarter of 2024, respectively, compared with RMB0.95 and
RMB0.89 in the first quarter of 2023, respectively,and RMB5.72 and RMB5.32 in the fourth quarter of 2023, respectively.
Non-GAAP basic and diluted net earnings per
ADS attributable toordinary shareholders
were RMB1.29 (US$0.18) and RMB1.21 (US$0.17) in the first quarter of 2024, respectively, compared with RMB1.44and RMB1.35
in the first quarter of 2023, respectively, and RMB4.54 and RMB4.23 in the fourth quarter of 2023, respectively.
Cash Position, Operating Cash Flow and Free Cash Flow
. Cash position
7
was RMB98.9 billion (US$13.7 billion) as of March 31, 2024.
. Net cash used in operating activities
was RMB3.3 billion (US$462.9 million) in the first quarterof 2024, compared with
RMB7.8 billion net cash provided by operating activities in the first quarter of 2023
and RMB17.3 billion net cashprovided by operating activities in the fourth quarter of
2023. The change in net cash used in operating activities over the first quarterof
2023 was mainly due to the increased payment related to inventory purchase partially
offset by the increase in cash received from customers.The change in net cash used
in operating activities over the fourth quarter of 2023 was mainly due to the decrease
in cash received fromcustomers as a result of the decrease in vehicle deliveries.
. Free cash flow
was negative RMB5.1 billion (US$700.1 million) in the first quarter of 2024, comparedwith
RMB6.7 billion in the first quarter of 2023 and RMB14.6 billion in the fourth quarter of 2023.
7
Cash position includescash and cash equivalents, restricted cash, time
deposits and short-term investments, and long-term time deposits and financial
instrumentsincluded in long-term investments.
5
Business Outlook
For the second quarter of 2024, the Company expects:
. Deliveries of vehicles
to be between 105,000 and 110,000 vehicles, representing an increase of21.3% to 27.1% from the second quarter of 2023.
. Total revenues
to be between RMB29.9 billion (US$4.1 billion) and RMB31.4 billion (US$4.3
billion),representing an increase of 4.2% to 9.4% from the second quarter of 2023.
This business outlook reflects the Company'scurrent and preliminary views on
its business situation and market conditions, which are subject to change.
Conference Call
Management will hold a conference call at 8:00a.m. U.S. Eastern Time on
Monday, May 20, 2024 (8:00 p.m. Beijing/Hong Kong Time on May 20, 2024) to
discuss financialresults and answer questions from investors and analysts.
For participants who wish to join the call, pleasecomplete online registration
using the link provided below prior to the scheduled call start time. Upon
registration, participants willreceive the conference call access information,
including dial-in numbers, passcode, and a unique access PIN. To join the
conference,please dial the number provided, enter the passcode followed by
your PIN, and you will join the conference instantly.
Participant Online Registration: https://s1.c-conf.com/diamondpass/10038704-ogh7
5Er.html
A replay of the conference call will be accessible through May 27,2024, by
dialing the following numbers:
United States: +1-855-883-1031
Mainland China: +86-400-1209-216
Hong Kong, China: +852-800-930-639
International: +61-7-3107-6325
Replay PIN: 10038704
Additionally, a live and archived webcast of theconference call will be
available on the Company's investor relations website at https://ir.lixiang.com.
6
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures,such as non-GAAP cost of sales,
non-GAAP research and development expenses, non-GAAP selling, general and
administrative expenses, non-GAAPincome from operations, non-GAAP net income,
non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and
diluted netearnings per ADS attributable to ordinary shareholders, non-GAAP
basic and diluted net earnings per share attributable to ordinary
shareholdersand free cash flow, in evaluating its operating results and for
financial and operational decision-making purposes. By excluding the impactof
share-based compensation expenses and release of valuation allowance on
deferred tax assets, the Company believes that the non-GAAPfinancial measures
help identify underlying trends in its business and enhance the overall
understanding of the Company's past performanceand future prospects. The
Company also believes that the non-GAAP financial measures allow for greater
visibility with respect to keymetrics used by the Company's management in its
financial and operational decision-making.
The non-GAAP financial measures are not presentedin accordance with U.S. GAAP
and may be different from non-GAAP methods of accounting and reporting used by
other companies. The non-GAAPfinancial measures have limitations as analytical
tools and when assessing the Company's operating performance, investors
shouldnot consider them in isolation, or as a substitute for financial
information prepared in accordance with U.S. GAAP. The Company encouragesinvesto
rs and others to review its financial information in its entirety and not rely
on a single financial measure.
The Company mitigates these limitations by reconcilingthe non-GAAP financial
measures to the most comparable U.S. GAAP performance measures, all of which
should be considered when evaluatingthe Company's performance.
For more information on the non-GAAP financialmeasures, please see the table
captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at
the end of thispress release.
Exchange Rate Information
This press release contains translations of certainRenminbi amounts into U.S.
dollars at a specified rate solely for the convenience of the reader. Unless
otherwise noted, all translationsfrom Renminbi to U.S. dollars and from U.S.
dollars to Renminbi are made at a rate of RMB7.2203 to US$1.00, the exchange
rate on March 29,2024, set forth in the H.10 statistical release of the
Federal Reserve Board. The Company makes no representation that the Renminbi
orU.S. dollars amounts referred could be converted into U.S. dollars or
Renminbi, as the case may be, at any particular rate or at all.
About Li Auto Inc.
Li Auto Inc. is a leader in China's newenergy vehicle market. The Company
designs, develops, manufactures, and sells premium smart electric vehicles.
Its mission is: Createa Mobile Home, Create Happiness (
,
x
). Through innovationsin product, technology, and business model, the Company
provides families with safe, convenient, and comfortable products and
services.Li Auto is a pioneer to successfully commercialize extended-range
electric vehicles in China. The Company started volume production inNovember
2019. Its current model lineup includes Li MEGA, a high-tech flagship family
MPV, Li L9, a six-seat flagship family SUV,Li L8, a six-seat premium family
SUV, Li L7, a five-seat flagship family SUV, and Li L6, a five-seat premium
family SUV. The Company leveragestechnology to create value for its users. It
concentrates its in-house development efforts on its proprietary range
extension system,next-generation electric vehicle technology, and smart
vehicle solutions while expanding its product line by developing new BEVs and
EREVsto target a broader user base.
For more information, please visit: https://ir.lixiang.com.
7
Safe Harbor Statement
This press release contains statements that mayconstitute "forward-looking"
statements pursuant to the "safe harbor" provisions of the U.S. Private
SecuritiesLitigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "targets," "likely to,"
"challenges," and similar statements. Li Auto mayalso make written or oral
forward-looking statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC")and The Stock Exchange of Hong Kong Limited
(the "HKEX"), in its annual report to shareholders, in press releases and
otherwritten materials, and in oral statements made by its officers,
directors, or employees to third parties. Statements that are not
historicalfacts, including statements about Li Auto's beliefs, plans, and
expectations, are forward-looking statements. Forward-looking statementsinvolve
inherent risks and uncertainties. A number of factors could cause actual
results to differ materially from those contained inany forward-looking
statement, including but not limited to the following: Li Auto's strategies,
future business development, andfinancial condition and results of operations;
Li Auto's limited operating history; risks associated with extended-range
electricvehicles and high-power charging battery electric vehicles; Li Auto's
ability to develop, manufacture, and deliver vehicles of highquality and
appeal to customers; Li Auto's ability to generate positive cash flow and
profits; product defects or any other failureof vehicles to perform as
expected; Li Auto's ability to compete successfully; Li Auto's ability to
build its brand and withstandnegative publicity; cancellation of orders for Li
Auto's vehicles; Li Auto's ability to develop new vehicles; and changesin
consumer demand and government incentives, subsidies, or other favorable
government policies. Further information regarding these andother risks is
included in Li Auto's filings with the SEC and the HKEX. All information
provided in this press release is as ofthe date of this press release, and Li
Auto does not undertake any obligation to update any forward-looking
statement, except as requiredunder applicable law.
For investor and media inquiries, please contact:
Li Auto Inc.
Investor Relations
Email: ir@lixiang.com
8
Li Auto Inc.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinarysha
re data)
For the Three Months Ended
March 31, December March 31, March 31,
2023 31, 2023 2024 2024
RMB RMB RMB US$
Revenues:
Vehicle 18,327,316 40,379,267 24,251,553 3,358,801
sales
Other sales 459,737 1,352,830 1,382,107 191,420
and services
Total 18,787,053 41,732,097 25,633,660 3,550,221
revenues
Cost of
sales:
Vehicle (14,705,143 ) (31,202,028 ) (19,561,658 ) (2,709,258 )
sales
Other sales (251,804 ) (743,186 ) (787,697 ) (109,095 )
and services
Total cost (14,956,947 ) (31,945,214 ) (20,349,355 ) (2,818,353 )
of sales
Gross 3,830,106 9,786,883 5,284,305 731,868
profit
Operating
expense:
Research and (1,852,297 ) (3,491,026 ) (3,048,886 ) (422,266 )
development
Selling, general (1,645,307 ) (3,269,668 ) (2,977,585 ) (412,391 )
and administrative
Other operating 72,701 10,237 157,264 21,781
income, net
Total operating (3,424,903 ) (6,750,457 ) (5,869,207 ) (812,876 )
expenses
Income/(Loss) 405,203 3,036,426 (584,902 ) (81,008 )
from operations
Other
(expense)/income:
Interest (32,438 ) (13,675 ) (28,598 ) (3,961 )
expense
Interest income and 418,531 794,355 1,068,888 148,039
investment income, net
Others, 181,488 358,825 220,184 30,495
net
Income before 972,784 4,175,931 675,572 93,565
income tax
Income tax (38,947 ) 1,576,385 (84,446 ) (11,696 )
(expense)/benefit
Net 933,837 5,752,316 591,126 81,869
income
Less: Net income/(loss) attributable 4,169 94,235 (1,432 ) (198 )
to noncontrolling interests
Net income attributable to ordinary 929,668 5,658,081 592,558 82,067
shareholders of Li Auto Inc.
Net 933,837 5,752,316 591,126 81,869
income
Other comprehensive
income/(loss)
Foreign currency translation 27,607 40,438 (59,936 ) (8,301 )
adjustment, net of tax
Total other comprehensive 27,607 40,438 (59,936 ) (8,301 )
income/(loss)
Total comprehensive 961,444 5,792,754 531,190 73,568
income
Less: Net income/(loss) attributable 4,169 94,235 (1,432 ) (198 )
to noncontrolling interests
Comprehensive income attributable to 957,275 5,698,519 532,622 73,766
ordinary shareholders of Li Auto Inc.
Weighted average
number of ADSs
Basic 979,166,653 989,909,259 993,308,654 993,308,654
Diluted 1,052,402,047 1,064,538,392 1,066,436,872 1,066,436,872
Net earnings per ADS attributable
to ordinary shareholders
Basic 0.95 5.72 0.60 0.08
Diluted 0.89 5.32 0.56 0.08
Weighted average number
of ordinary shares
Basic 1,958,333,306 1,979,818,518 1,986,617,307 1,986,617,307
Diluted 2,104,804,095 2,129,076,784 2,132,873,744 2,132,873,744
Net earnings per share attributable
to ordinary shareholders
Basic 0.47 2.86 0.30 0.04
Diluted 0.45 2.66 0.28 0.04
9
Li Auto Inc.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)
As of
December 31, 2023 March 31, 2024 March 31, 2024
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 91,329,030 85,124,762 11,789,643
Restricted cash 479 5,225 724
Time deposits and short-term investments 11,933,255 13,763,658 1,906,245
Trade receivable 143,523 77,255 10,700
Inventories 6,871,979 12,158,602 1,683,947
Prepayments and other current assets 4,247,318 4,525,497 626,774
Total current assets 114,525,584 115,654,999 16,018,033
Non-current assets:
Long-term investments 1,595,376 1,545,525 214,053
Property, plant and equipment, net 15,745,018 20,323,916 2,814,830
Operating lease right-of-use assets, net 5,939,230 6,893,866 954,789
Intangible assets, net 864,180 880,571 121,958
Goodwill 5,484 5,484 760
Deferred tax assets 1,990,245 1,990,245 275,646
Other non-current assets 2,802,354 2,365,248 327,583
Total non-current assets 28,941,887 34,004,855 4,709,619
Total assets 143,467,471 149,659,854 20,727,652
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings 6,975,399 7,136,525 988,397
Trade and notes payable 51,870,097 54,586,888 7,560,197
Amounts due to related parties 10,607 12,640 1,751
Deferred revenue, current 1,525,543 1,400,236 193,930
Operating lease liabilities, current 1,146,437 1,243,520 172,226
Finance lease liabilities, current - 34,451 4,771
Accruals and other current liabilities 11,214,626 11,186,337 1,549,291
Total current liabilities 72,742,709 75,600,597 10,470,563
Non-current liabilities:
Long-term borrowings 1,747,070 1,803,030 249,717
Deferred revenue, non-current 812,218 813,494 112,668
Operating lease liabilities, non-current 3,677,961 4,421,642 612,390
Finance lease liabilities, non-current - 671,878 93,054
Deferred tax liabilities 200,877 200,877 27,821
Other non-current liabilities 3,711,414 4,354,846 603,139
Total non-current liabilities 10,149,540 12,265,767 1,698,789
Total liabilities 82,892,249 87,866,364 12,169,352
Total Li Auto Inc. shareholders' equity 60,142,624 61,362,324 8,498,584
Noncontrolling interests 432,598 431,166 59,716
Total shareholders' equity 60,575,222 61,793,490 8,558,300
Total liabilities and shareholders' equity 143,467,471 149,659,854 20,727,652
10
Li Auto Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(All amounts in thousands)
For the Three Months Ended
March 31, December March 31, March 31,
2023 31, 2024 2024
2023
RMB RMB RMB US$
Net cash provided by/(used 7,780,366 17,294,228 (3,342,386 ) (462,915 )
in) operating activities
Net cash used in (2,692,753 ) (469,104 ) (3,098,206 ) (429,097 )
investing activities
Net cash (used in)/provided (195,821 ) 863,355 185,257 25,658
by financing activities
Effect of exchange rate changes on cash, (25,241 ) (48,180 ) 55,813 7,731
cash equivalents and restricted cash
Net change in cash, cash 4,866,551 17,640,299 (6,199,522 ) (858,623 )
equivalents and restricted cash
Cash, cash equivalents and restricted 40,418,158 73,689,210 91,329,509 12,648,990
cash at beginning of period
Cash, cash equivalents and 45,284,709 91,329,509 85,129,987 11,790,367
restricted cash at end of period
Net cash provided by/(used 7,780,366 17,294,228 (3,342,386 ) (462,915 )
in) operating activities
Capital (1,078,295 ) (2,656,106 ) (1,712,843 ) (237,226 )
expenditures
Free cash flow 6,702,071 14,638,122 (5,055,229 ) (700,141 )
(non-GAAP)
11
Li Auto Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinarysha
re data)
For the Three Months Ended
March 31, December March 31, March 31,
2023 31, 2024 2024
2023
RMB RMB RMB US$
Cost of (14,956,947 ) (31,945,214 ) (20,349,355 ) (2,818,353 )
sales
Share-based 11,186 15,334 13,469 1,865
compensation expenses
Non-GAAP cost (14,945,761 ) (31,929,880 ) (20,335,886 ) (2,816,488 )
of sales
Research and (1,852,297 ) (3,491,026 ) (3,048,886 ) (422,266 )
development expenses
Share-based 336,220 537,843 433,764 60,076
compensation expenses
Non-GAAP research and (1,516,077 ) (2,953,183 ) (2,615,122 ) (362,190 )
development expenses
Selling, general and (1,645,307 ) (3,269,668 ) (2,977,585 ) (412,391 )
administrative expenses
Share-based 132,823 273,443 237,994 32,962
compensation expenses
Non-GAAP selling, general (1,512,484 ) (2,996,225 ) (2,739,591 ) (379,429 )
and administrative expenses
Income/(Loss) 405,203 3,036,426 (584,902 ) (81,008 )
from operations
Share-based 480,229 826,620 685,227 94,903
compensation expenses
Non-GAAP income 885,432 3,863,046 100,325 13,895
from operations
Net 933,837 5,752,316 591,126 81,869
income
Share-based 480,229 826,620 685,227 94,903
compensation expenses
Release of valuation allowance - (1,990,245 ) - -
on deferred tax assets
Non-GAAP 1,414,066 4,588,691 1,276,353 176,772
net income
Net income attributable to ordinary 929,668 5,658,081 592,558 82,067
shareholders of Li Auto Inc.
Share-based 480,229 826,620 685,227 94,903
compensation expenses
Release of valuation allowance - (1,990,245 ) - -
on deferred tax assets
Non-GAAP net income attributable to 1,409,897 4,494,456 1,277,785 176,970
ordinary shareholders of Li Auto Inc.
Weighted average
number of ADSs
Basic 979,166,653 989,909,259 993,308,654 993,308,654
Diluted 1,052,402,047 1,064,538,392 1,066,436,872 1,066,436,872
Non-GAAP net earnings per ADS
attributable to ordinary shareholders
Basic 1.44 4.54 1.29 0.18
Diluted 1.35 4.23 1.21 0.17
Weighted average number
of ordinary shares
Basic 1,958,333,306 1,979,818,518 1,986,617,307 1,986,617,307
Diluted 2,104,804,095 2,129,076,784 2,132,873,744 2,132,873,744
Non-GAAP net earnings per share
attributable to ordinary shareholders
8
Basic 0.72 2.27 0.64 0.09
Diluted 0.67 2.11 0.60 0.08
8
Non-GAAP basic net earnings pershare attributable to ordinary shareholders is
calculated by dividing non-GAAP net income attributable to ordinary
shareholders by theweighted average number of ordinary shares outstanding
during the periods. Non-GAAP diluted net earnings per share attributable to
ordinaryshareholders is calculated by dividing non-GAAP net income
attributable to ordinary shareholders by the weighted average number of
ordinaryshares and dilutive potential ordinary shares outstanding during the
periods, including the dilutive effects of convertible senior notesas
determined under the if-converted method and the dilutive effect of
share-based awards as determined under the treasury stock method.
12
{graphic omitted}