Li Auto’s revenue is set to exceed 100 billion yuan in 2023
In a recent announcement on February 26, Li Auto revealed its impressive fourth quarter and full-year financial results for 2023. The report showcased remarkable growth and achievements for the electric vehicle company, solidifying its position as a key player in the Chinese automobile market.
According to the financial report, Li Auto’s revenue in the fourth quarter of 2023 reached 41.73 billion yuan, marking a substantial year-on-year increase of 136.4%. This surge in revenue was accompanied by a remarkable increase in quarterly delivery volume, with 131,805 vehicles delivered – a significant year-on-year increase of 184.6%. In the whole of 2023, Li Auto achieved a staggering revenue of 123.85 billion yuan, a remarkable year-on-year increase of 173.5%, solidifying its position as China’s first new car company with an annual revenue exceeding 100 billion yuan. Additionally, the company delivered a total of 376,030 vehicles in 2023, representing a substantial year-on-year increase of 182.2%.
The financial report also highlighted Li Auto’s financial stability, with a net profit of 5.75 billion yuan in the fourth quarter of 2023 and a full-year net profit of 11.81 billion yuan. The company achieved full profitability since delivery, with a quarterly gross profit margin of 23.5%. Furthermore, Li Auto’s free cash flow in the fourth quarter of 2023 was 14.64 billion yuan, contributing to a substantial cash reserve of 103.67 billion yuan by the end of 2023.
In terms of research and development, Li Auto invested significantly in innovation, with research and development expenses reaching 3.49 billion yuan in the fourth quarter of 2023. The full-year research and development expenses for 2023 totaled 10.59 billion yuan, representing a substantial year-on-year increase of 56.1%. Additionally, the company plans to launch a total of 20 OTA upgrades throughout the year.
Li Auto also made significant strides in expanding its retail and charging infrastructure, boasting 467 retail centers across the country by the end of 2023 and plans to have 2,000 supercharging stations online across the country by the end of 2024. Furthermore, in terms of new products, Li Auto is set to launch the MEGA and 2024 L series on March 1, with expectations of further increasing sales.
Looking ahead, Li Auto anticipates delivering 100,000 to 103,000 vehicles in the first quarter of 2024, marking a substantial year-on-year increase of 90.2% to 95.9%. Revenue is also expected to reach 31.25 billion to 32.19 billion yuan, representing a significant year-on-year increase of 66.3% to 71.3%. With these impressive results and ambitious plans for the future, Li Auto is poised for continued success in China’s competitive electric vehicle market.