LI Auto's Q3 2023 Earnings: What's the Takeaway?

LI Releases 2023Q3 Financial Report

I. 2023Q3 Financial Data

  • Total revenue of 34.68 billion yuan, increased by 271% YoY, and 21% QoQ;

  • Auto business income is 33.62 billion yuan, up 271% YoY, and 20% QoQ;

  • Gross profit amounted to 7.64 billion yuan, an YoY increase of 547%, and a QoQ increase of 22%;

  • Overall gross margin was 22%, compared to 13% for the same period last year, and 22% for the previous quarter;

  • Single car gross profit margin was 21%, up from 21% last quarter;

  • Sales cost totaled up to 27.03 billion yuan, up 231% YoY, and 21% QoQ;

  • Net profit is 2.81 billion yuan, compared to last quarter’s net profit of 2.31 billion yuan;

  • Company’s cash reserve (cash and cash equivalents, restricted cash and current deposit and short-term investment balance) is 0 billion yuan, compared to 73.77 billion yuan last quarter;

  • LI’s R&D cost in the third quarter was 2.82 billion, a QoQ increase of 16%, accounting for 8% of the total quarterly revenue;

  • Sales and management expenses were 2.54 billion yuan, up 68% YoY, and increased by 10% QoQ.

II. 2023Q4 Business Forecast

  • Expected vehicle deliveries range from 125,000 to 128,000 units, approximately 170% to 176% compared to 2022Q4;

  • Total revenue is forecasted to be between 38.46 billion yuan and 39.38 billion yuan, approximately 118% to 123% compared to 2022Q4.

This article is a translation by AI of a Chinese report from 42HOW. If you have any questions about it, please email