China-based Li Auto maintained momentum in the third quarter of 2023, reporting CNY2.81 billion (US$385.5 million) in net income. The automaker said it plans to launch and deliver four products in 2024, the most since its establishment.
Li Auto released its financial results for the third quarter of 2023 on November 9.
Highlights of Li Auto's 3Q23 financial results | ||
Item | Result (CNY m) | YoY change (%) |
Vehicle sales | 33,616.1 | 271.6 |
Total revenues | 34,679.5 | 271.2 |
Gross profit | 7,644.5 | 546.7 |
Gross margin (%) | 22 | |
Operation income | 2,339.4 | |
Net income | 2812.9 | |
Source: Li Auto, compiled by DIGITIMES Asia, November 2023
The automaker delivered 105,108 units in the third quarter of 2023, up 296.3% from last year. Li Auto said it has become China's first emerging new energy automaker that accumulated 500,000 deliveries.
The record-high deliveries benefited Li Auto's profits. The company saw CNY2.34 billion in operating income in the third quarter of this year, compared to an operating loss of CNY2.13 billion in 2022.
Li Auto also reported CNY2.81 billion in net income in the July-September period this year, compared to a net loss of CNY1.65 billion in 2022.
According to China-based The Paper, Li Xiang, Li Auto's chairman and CEO, said at a conference call that the company plans to launch and deliver four vehicle models in 2024, the most since its establishment.
Li Auto, which has focused on extended-range EVs, will introduce its first battery EV, Li MEGA, to the market in December 2023. The vehicle will be based on an 800-volt platform with 5C-rate charging capability. The company said the BEV will be manufactured at a new plant in Beijing. While production will bring significant challenges, it will also offer Li Auto new opportunities.
Li Auto aims to deliver between 125,000 and 128,000 vehicles in the fourth quarter of 2023, a growth of 169.9% to 176.3% from 2022. The automaker aims to reach total revenues between CNY38.46 billion and CNY39.38 billion, representing an increase of 117.9% to 123.1% from 2022.
