LI Auto’s 2023 Q4 Financial Report Released: What’s the Outlook?

LI Releases 2023Q4 Financial Report

I. 2023Q4 Financial Data

  • Total revenues were RMB 34.68 billion, an increase of 96% YoY, and remained unchanged from the previous quarter.

  • Revenues from the automobile business were RMB 33.62 billion, an increase of 95% YoY and remained unchanged from the last quarter.

  • Total gross profit was RMB 7.64 billion, a YoY increase of 114%, and remained the same as last quarter.

  • Overall gross margin was 22%, compared to 20% from the same period last year, and 22% from the previous quarter.

  • Single Vehicle Gross Margin was 21%, a slight downfall from the previous quarter (21%).

  • Cost of sales was RMB 27.03 billion, an increase of 92% YoY, and remained unchanged from the previous quarter.

  • Net profit was RMB 2.81 billion, the same as the net profit from the last quarter.

  • The company’s cash reserves (including cash and cash equivalents, restricted cash and the balance of term deposits and short-term investments) were zero, the same as last quarter.

  • LI’s R&D outlays in the fourth quarter were RMB 2.82 billion, remaining the same as previous quarter and contributed 8% to the total revenue for that quarter.

  • Sales and administration expenses were RMB 2.54 billion, an increase of 56% YoY and remained the same as previous quarter.

II. 2024Q1 Business Expectations

  • Expected vehicle delivery is between 125,000 and 128,000 units, an approximately 138% to 143% increase from 2023Q1.

  • Estimated total revenues are between RMB 38.46 billion and RMB 39.38 billion, an approximate 105% to 110% increase from 2023Q1.

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