Li Auto’s guidance for second quarter deliveries is 21,000-24,000 vehicles, meaning it expects 16,833-19,833 combined deliveries in May and June.
Li Auto’s (NASDAQ: LI, HKG: 2015) revenue in the first quarter fell slightly from the fourth quarter of last year, but still beat expectations.
The company reported revenue of 9.56 billion yuan ($1.51 billion) in the first quarter, beating market expectations of RMB 9.467 billion, according to its unaudited earnings report released before the US stock market opened on Tuesday.
That was up 167 percent from RMB 4.147 billion in the same quarter last year, but down 10 percent from RMB 10.62 billion in the fourth quarter last year.
Li Auto reported vehicle sales revenue of RMB 9.31 billion in the first quarter, up 168.7 percent from a year ago and down 10.3 percent from the fourth quarter of last year.
It delivered 31,716 vehicles in the first quarter, up 152.1 percent year-on-year and down 10 percent from the fourth quarter.
Li Auto reported a gross margin of 22.6 percent in the first quarter, up from 22.4 percent in the fourth quarter and up from 17.3 percent in the same quarter last year.
The company reported a vehicle margin of 22.4 percent in the quarter, up from 22.3 percent in the fourth quarter and 16.9 percent in the same quarter last year.
It saw a net loss of RMB 10.9 million in the first quarter, down 97 percent from RMB 360 million in the same quarter last year. It achieved net income of RMB 296 million in the fourth quarter.
Li Auto’s R&D expenses in the first quarter were RMB 1.37 billion, up 167.0 percent from RMB 514.5 million in the same period last year and up 11.7 percent from RMB 1.23 billion in the fourth quarter last year.
The increase in R&D expenses was mainly due to an increase in employee compensation as a result of the increasing number of R&D staff, as well as higher costs related to new product development, the company said.
As of March 31, 2022, Li Auto’s balance of cash and cash equivalents, restricted cash, time deposits and short-term investments was RMB 51.19 billion.
Li Auto guided for 21,000-24,000 vehicles delivered in the second quarter, implying a 19.5 percent- 36.6 percent year-on-year increase.
Its revenue guidance for the second quarter was RMB 6.16 billion – 7.04 billion, implying year-on-year growth of 22.3 percent – 39.8 percent.
Li Auto delivered 4,167 units in April, and the guidance implies that it expects 16,833-19,833 units in May and June combined.
The company said it plans to deliver its second model – the flagship SUV Li Auto L9, built for family customers – in the third quarter.
At press time, Li Auto was up 4.66 percent to $19.78 in pre-market trading.
