Li Auto Inc (NASDAQ:LI) reported fourth-quarter fiscal 2023 revenue growth of 136.4% year-on-year to $5.88 billion, beating the consensus of $5.48 billion.
Adjusted net earnings per ADS attributable to ordinary shareholderswas $0.60 in the fourth quarter of 2023. The stock price climbed after the results.
Vehicle sales increased 133.8% to $5.69 billion, mainly attributable to the increase in vehicle deliveries. Total vehicle deliveries were 131,805 units in the quarter, an 184.6% year-on-year increase.
The vehicle margin grew by 270 bps Y/Y to 22.7%, while the gross margin expanded by 330 bps Y/Y to 23.5%. Adjusted income from operationswas $544.1 million, up by 579.3% Y/Y.
Li Auto held cash and equivalents of $14.60 billion as of December 31, 2023. Cash provided by operating activities was $2.44 billion for the quarter, up by 251.1% Y/Y.
As of December 31, 2023, the company had 467 retail stores covering 140 cities, 360 servicing centers, and Li Auto-authorized body and paint shops operating in 209 cities.
In January 2024, the company delivered 31,165 vehicles, representing an increase of 105.8% from January 2023.
Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, “Undeterred by the fiercely competitive NEV market in 2023, Li Auto achieved an outstanding performance with its three Li L series models. Full-year deliveries grew by 182.2%, reaching 376,030 vehicles, making us the best-selling brand among NEVs priced above RMB300,000 in China. In December, we released the OTA version 5.0 for Li L series.”
Outlook: Li Auto sees first-quarter fiscal 2024 revenue of $4.40 billion – $4.53 billion (consensus $5.43 billion), representing an increase of 66.3% – 71.3% Y/Y.
LI expects first-quarter vehicle deliveries of 100,000 – 103,000, representing an increase of 90.2% – 95.9% Y/Y.
Price Action: LI shares traded higher by 11.8% at $38.88 in premarket on the last check Monday.
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