Li Auto's fourth-quarter revenue increased by 136% year-on-year Li Xiang: Last year, it achieved the best financial performance in history

Tencent Technology News On February 26, Li Auto released a financial report showing that its revenue in the fourth quarter of 2023 was 41.73 billion yuan, an increase of 136% from 17.65 billion yuan in the same period last year. Li Auto's adjusted net profit attributable to shareholders in the fourth quarter was RMB4.49 billion.

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Li Auto's vehicle sales revenue in the fourth quarter was RMB40.38 billion (US$5.69 billion), up 133.8% year-on-year and 20.1% quarter-on-quarter.

Li Auto's annual revenue

Li Auto's annual deliveries

Li Auto expects total revenue of RMB31.25 billion (US$4.40 billion) to RMB32.19 billion (US$4.53 billion) for the first quarter of 2024, an increase of 66.3% to 71.3% from the first quarter of 2023.

Li Auto expects vehicle deliveries of 100,000 to 103,000 units in the first quarter of 2024, an increase of 90.2% to 95.9% from the first quarter of 2023.

Li Xiang, Chairman and CEO of Li Auto, said that in 2023, with the fierce competition in the new energy vehicle market, Li Auto achieved excellent results with the three models of the Li L series, with annual deliveries increasing by 182.2% year-on-year to 376,030 units, becoming the sales champion of new energy vehicles with more than 300,000 yuan in the Chinese market. In December, we pushed the OTA5.0 in-vehicle software to Ideal L series users, bringing a better car experience to family users through the comprehensive improvement of intelligent driving and intelligent space functions. The significant growth in scale, the continuous deepening of R&D, and the continuous improvement of operating efficiency have enabled us to achieve the best financial performance in history in 2023, and also laid a solid foundation for Li Auto to enter 2024, when the product matrix is richer and the market demand is more diversified.

Fourth Quarter and Full Year 2023 Operating Highlights:

-In the fourth quarter of 2023, Li Auto delivered 131805 vehicles, up 184.6% year-on-year.

-In 2023, Li Auto delivered 376,030 vehicles, an increase of 182.2% from 133246 units in 2022.

-As of December 31, 2023, Li Auto had 467 retail centers in 140 cities, and operated 360 after-sales repair centers and Li Auto's authorized sheet metal painting centers in 209 cities.

Fourth Quarter 2023 Financial Highlights:

- Vehicle sales revenue for the fourth quarter of 2023 was RMB40.38 billion (US$5.69 billion), an increase of 133.8% from RMB17.27 billion in the fourth quarter of 2022 and an increase of 20.1% from RMB33.62 billion in the third quarter of 2023.

- Vehicle gross margin was 22.7% in the fourth quarter of 2023, compared to 20.0% in the fourth quarter of 2022 and 21.2% in the third quarter of 2023.

- Total revenue for the fourth quarter of 2023 was RMB41.73 billion (US$5.88 billion), an increase of 136.4% from RMB17.65 billion in the fourth quarter of 2022 and an increase of 20.3% from RMB34.68 billion in the third quarter of 2023.

- Gross profit for the fourth quarter of 2023 was RMB9.79 billion (US$1.38 billion), an increase of 174.4% from RMB3.57 billion in the fourth quarter of 2022 and an increase of 28.0% from RMB7.64 billion in the third quarter of 2023.

- Gross margin was 23.5% in the fourth quarter of 2023, compared to 20.2% in the fourth quarter of 2022 and 22.0% in the third quarter of 2023.

- Total operating expenses for the fourth quarter of 2023 were RMB6.75 billion (US$950.8 million), an increase of 82.4% from RMB3.70 billion in the fourth quarter of 2022 and an increase of 27.2% from RMB5.31 billion in the third quarter of 2023.

- Operating profit for the fourth quarter of 2023 was RMB3.04 billion (US$427.7 million), compared to an operating loss of RMB133.6 million for the fourth quarter of 2022, an increase of 29.8% from the operating loss of RMB2.34 billion for the third quarter of 2023.

- Net profit for the fourth quarter of 2023 was RMB5.75 billion (US$810.2 million), compared to net profit of RMB265.3 million for the fourth quarter of 2022, an increase of 2,068.2% and an increase of 104.5% from the net profit of RMB2.81 billion for the third quarter of 2023. Non-GAAP net income was RMB4.59 billion (US$646.3 million), an increase of 374.2% from RMB967.6 million in the fourth quarter of 2022 and an increase of 32.3% from RMB3.47 billion in the third quarter of 2023.

- Operating cash flow for the fourth quarter of 2023 was RMB17.29 billion (US$2.44 billion), an increase of 251.1% from RMB4.93 billion in the fourth quarter of 2022 and an increase of 19.2% from RMB14.51 billion in the third quarter of 2023.

- Free cash flow was RMB14.64 billion (US$2.06 billion) for the fourth quarter of 2023, compared to RMB3.26 billion for the fourth quarter of 2022 and RMB13.22 billion for the third quarter of 2023.

Full Year 2023 Financial Highlights:

- Vehicle sales revenue in 2023 was RMB120.29 billion (US$16.94 billion), an increase of 172.7% from RMB44.11 billion in 2022.

- Vehicle gross margin in 2023 was 21.5%, compared to 19.1% in 2022.

- Total revenue for 2023 was RMB123.85 billion (US$17.44 billion), an increase of 173.5% from RMB45.29 billion in 2022.

- Gross profit for 2023 was RMB27.50 billion (US$3.87 billion), an increase of 212.8% from RMB8.79 billion in 2022.

- Gross margin was 22.2% in 2023, compared to 19.4% in 2022.

- Net profit for 2023 was RMB11.81 billion (US$1.66 billion), compared to a net loss of RMB2.03 billion in 2022. Non-GAAP net profit in 2023 was RMB12.20 billion (US$1.72 billion), compared to non-GAAP net profit of RMB20.8 million in 2022.

- Free cash flow in 2023 was RMB44.19 billion (US$6.22 billion), an increase of 1,861.8% from RMB2.25 billion in 2022.