Li Auto-W released its first-quarter financial results, with a net profit of 591 million yuan, a year-on-year decrease of 89.7%. The gross profit margin remained at a healthy level of 20.6%

Intelligent Financial News APP reported that Li Auto (02015) released the unaudited financial performance for the quarter ended March 31, 2024. The group's total revenue for the period was RMB 25.6 billion, a year-on-year increase of 36.4% and a quarter-on-quarter decrease of 38.6%. The gross profit was RMB 5.3 billion, up 38.0% year-on-year but down 46.0% quarter-on-quarter. Net profit was RMB 591 million, a year-on-year decrease of 36.7% and a quarter-on-quarter decrease of 89.7%. Diluted net earnings per American Depositary Share attributable to ordinary shareholders were RMB 0.56. Among them, vehicle sales revenue was RMB 24.3 billion, up 32.3% year-on-year but down 39.9% quarter-on-quarter. The increase in vehicle sales revenue compared to the first quarter of 2023 was mainly due to an increase in vehicle deliveries, partially offset by a decrease in average selling price due to changes in product mix and pricing strategies between the two quarters. The decrease in vehicle sales revenue compared to the fourth quarter of 2023 was mainly due to seasonal factors related to the Chinese New Year holiday and a decrease in vehicle deliveries in March due to sales orders falling short of expectations. Li Xiang, Chairman and CEO of Li Auto, said, "In the first quarter of 2024, our deliveries reached 80,400 vehicles, a year-on-year increase of 52.9%, further solidifying Li Auto's leading position in the Chinese market for new energy vehicles priced above RMB 300,000. In March, we launched and delivered our first high-voltage pure electric model - the family tech flagship MPV Li ONE, and increased investment in laying out Li Auto supercharging stations nationwide to enrich charging resources for Li Auto users, accelerating the process of high-voltage pure electric models from 0 to 1. In April, we launched and delivered the family five-seat luxury SUV Li SIX, meeting the travel needs of more young families, bringing extended range and intelligence to models priced below RMB 300,000. As Li Auto continues to grow in the ever-changing market environment, we will actively embrace the challenges and continue to focus on improving operational efficiency, persisting in creating more value for users." Li Tie, CFO of Li Auto, added, "Despite the launch of new models, product iterations, and price adjustments, our financial performance in the first quarter remained robust. During the period, revenue increased by 36.4% year-on-year to reach RMB 25.6 billion, with a healthy gross profit margin of 20.6%. Although there were fluctuations in deliveries quarter-on-quarter in the first quarter, we are confident in the delivery volume growth in the coming quarters and will continue to invest in research and development and sales service network. Looking ahead, we will continue to rigorously evaluate and optimize operations, keeping users and products at the core, and moving towards our long-term vision in the intense market competition environment."