Is LI Auto Poised for Growth with Q1 2024 Results?

LI Announces Q1 2024 Earnings Report

I. Q1 2024 Financial Data

  • Total revenue of RMB 25.6 billion, a YoY increase of 36%, and a QoQ decrease of 26%;

  • Automotive business income of RMB 24.3 billion, a YoY increase of 33%, and a QoQ decrease of 28%;

  • Total gross profit of RMB 5.3 billion, a YoY increase of 38%, and a QoQ decrease of 31%;

  • Overall gross margin of 21%, compared to 20% during the same period last year, and 22% in the previous quarter;

  • Gross margin per vehicle was 19%, down from the previous quarter’s figure of 21%;

  • Sales cost of RMB 20.3 billion, a YoY increase of 36%, and a QoQ decrease of 25%;

  • Net profit of RMB 591 million, with a net profit of RMB 2.81 billion in the previous quarter;

  • The company’s cash reserves (cash and cash equivalents, restricted cash, and the balance of term deposits and short-term investments) amounts to zero, as it did in the previous quarter;

  • LI’s R&D expenses in the first quarter were RMB 3 billion, a QoQ increase of 6%, accounting for 12% of the total quarterly revenue;

  • Sales and management expenses of RMB 3 billion, a YoY increase of 82%, and a QoQ increase of 18%.

II. Q2 2024 Business Expectations

  • Planned vehicle deliveries ranging from 105,000 to 110,000 units, reflecting an approximate increase of 21% to 27% compared to Q2 2023;

  • The total revenue is expected to fall between RMB 29.9 billion and RMB 31.4 billion, about a 4% to 10% increase compared to Q2 2023.

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