Li Auto Reports Strong Q3 2024 Financial Results

Li Auto, Inc. ( (LI) ) has released its Q3 earnings. Here is a breakdown of the information Li Auto, Inc. presented to its investors.

Li Auto Inc. is a prominent player in China’s new energy vehicle sector, known for designing, developing, and manufacturing premium smart electric vehicles, including both extended-range and battery electric vehicles. The company has achieved significant milestones in vehicle deliveries and technological advancements, enhancing its market position.

In the third quarter of 2024, Li Auto reported impressive financial results with total revenues reaching RMB42.9 billion (US$6.1 billion), reflecting a 23.6% year-over-year increase. Vehicle deliveries soared to 152,831 units, marking a 45.4% growth compared to the previous year. These figures underscore the company’s robust business performance and expanding market influence.

Key financial metrics for the quarter highlighted a gross margin of 21.5% and a vehicle margin of 20.9%. Li Auto’s net income stood at RMB2.8 billion (US$401.9 million), while non-GAAP net income rose to RMB3.9 billion (US$548.8 million). The company also achieved a milestone of one million cumulative vehicle deliveries, showcasing its rapid growth and customer acceptance.

The company’s strategic focus on technological innovation is evident from its latest updates in autonomous driving and smart vehicle features, contributing to a positive user experience. Additionally, Li Auto’s commitment to safety and environmental standards has been recognized with top ratings in recent assessments.

Looking ahead, Li Auto anticipates continued growth in the fourth quarter of 2024, with expected vehicle deliveries between 160,000 and 170,000 units and revenues estimated to range from RMB43.2 billion to RMB45.9 billion. The company remains dedicated to leveraging technology for innovation and maintaining its leadership in the new energy vehicle market.