Li Auto's Q1 2024 Financial Report Revenue, Net Profit and Outlook
TapTechNews May 20th news, Li Auto today announced its first quarter fiscal 2024 financial report as of March 31. The data shows that the quarterly revenue was 25.6 billion yuan ($3.63 billion), exceeding the market expectation of 25.58 billion yuan, and the revenue in the same period last year was 18.79 billion yuan, increasing by 36.4% year-on-year and decreasing by 38.6% quarter-on-quarter.
The quarterly net profit of Li Auto was 591.1 million yuan, decreasing by 36.7% year-on-year and 89.7% quarter-on-quarter. Excluding U.S. generally accepted accounting principles, the net profit was 1.3 billion yuan, decreasing by 9.7% year-on-year and 72.2% quarter-on-quarter.
Li Auto expects the second quarter revenue to range from 29.9 billion yuan to 31.4 billion yuan; the delivery volume is 105,000 to 110,000 vehicles, and the market estimate is 130,692 vehicles.
TapTechNews summarizes the detailed situation:
The vehicle sales revenue in the first quarter of 2024 was 24.3 billion yuan ($3.4 billion), increasing by 32.3% from 18.3 billion yuan in the first quarter of 2023 and decreasing by 39.9% from 404 billion yuan in the fourth quarter of 2023.
The increase in vehicle sales revenue compared to the first quarter of 2023 was mainly due to the increase in vehicle delivery volume, but was partially offset by the decrease in the average selling price caused by the different product mix and pricing strategy changes in the two quarters.
The decrease in vehicle sales revenue compared to the fourth quarter of 2023 was mainly affected by the seasonal factors related to the Chinese Spring Festival holiday and the decrease in vehicle delivery volume due to the lower-than-expected sales orders in March.
Li Auto delivered 25,787 vehicles in April 2024, increasing by 0.4% compared to April 2023. As of April 30, 2024, the company has 481 retail centers in 144 cities, operates 361 after-sales service centers and Li Auto authorized paint and body centers in 210 cities, and has put into use 386 Li Auto supercharging stations with 1,678 charging piles.