Li Auto, a leading electric vehicle manufacturer, recently announced its financial results for the fourth quarter of 2024. The company reported a net income of RMB 3.5 billion ($484 million), which is a decrease of 38.6% from the same period in 2023 but an increase of 25.3% from the third quarter of 2024. Li Auto’s gross margin for the fourth quarter was 20.3%, down from 23.5% in the same period in 2023.
In terms of vehicle deliveries, Li Auto delivered 158,696 vehicles in the fourth quarter, which was slightly below its guidance range of 160,000 to 170,000 units. However, deliveries were up 20.40% year-on-year and 3.84% from the third quarter. The company expects its vehicle deliveries in the first quarter of 2025 to be in the range of 88,000 to 93,000 units, representing a year-on-year increase of 9.5% to 15.7%.
Revenue for the fourth quarter of 2024 was RMB 44.3 billion, up 6.1% from the same period in 2023. Vehicle sales accounted for RMB 42.6 billion of the total revenue, showing an increase of 5.6% from the fourth quarter of 2023. The company’s cost of sales was RMB 35.3 billion, with a gross profit of RMB 9.0 billion.
Operating expenses for the fourth quarter were RMB 5.3 billion, with research and development expenses at RMB 2.4 billion and selling, general, and administrative expenses at RMB 3.1 billion. Income from operations was RMB 3.7 billion, representing an increase of 22.0% from the same period in 2023.
Li Auto’s cash position as of December 31, 2024, was RMB 112.8 billion. The company reported a net cash provided by operating activities of RMB 8.7 billion in the fourth quarter, with free cash flow at RMB 6.1 billion.
Looking ahead to the first quarter of 2025, Li Auto expects deliveries to be between 88,000 and 93,000 vehicles, with total revenues between RMB 23.4 billion and RMB 24.7 billion. This outlook is subject to change based on the company’s business situation and market conditions.
In conclusion, Li Auto continues to show strong performance in the electric vehicle market, with steady growth in vehicle deliveries and revenues. The company’s focus on innovation and customer satisfaction positions it well for future success in the rapidly evolving EV industry.
