The Chinese EV maker announced its Earnings Results for the first quarter of 2022. LI Auto reported EPS of $0.07 and $1.51 billion of revenue versus the consensus estimate of $1.44 billion. The company delivered 31,716 vehicles in Q1’22 vs 35,221 in Q4’21. For the second quarter of 2022, LI Auto expects:
- Deliveries of vehicles to be between 21,000 and 24,000 vehicles, representing an increase of 19.5% to 36.6% from the second quarter of 2021.
- Total revenues to be between RMB6.16 billion (US$972.3 million) and RMB7.04 billion (US$1.11 billion), representing an increase of 22.3% to 39.8% from the second quarter of 2021.
This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, in particular, the encouraging signs of recovery from the resurging pandemic in the Yangtze Delta region, the company said.
- Vehicle sales were RMB9.31 billion (US$1.47 billion) in the first quarter of 2022, representing an increase of 168.7% from RMB3.46 billion in the first quarter of 2021 and a decrease of 10.3% from RMB10.38 billion in the fourth quarter of 2021.
- Vehicle margin2 was 22.4% in the first quarter of 2022, compared with 16.9% in the first quarter of 2021 and 22.3% in the fourth quarter of 2021.
- Total revenues were RMB9.56 billion (US$1.51 billion) in the first quarter of 2022, representing an increase of 167.5% from RMB3.58 billion in the first quarter of 2021 and a decrease of 10.0% from RMB10.62 billion in the fourth quarter of 2021.
- Gross profit was RMB2.16 billion (US$341.3 million) in the first quarter of 2022, representing an increase of 250.9% from RMB616.7 million in the first quarter of 2021 and a decrease of 9.1% from RMB2.38 billion in the fourth quarter of 2021.
- Gross margin was 22.6% in the first quarter of 2022, compared with 17.3% in the first quarter of 2021 and 22.4% in the fourth quarter of 2021.
CEO and CFO comments
Mr. Xiang Li, founder, chairman, and chief executive officer of LI Auto, commented, “We sincerely appreciate our users’ consistent support, which, combined with our self-discipline for efficient operations, continued to drive robust financial performance in the first quarter of 2022 and ensured the scale and pace of our investments in research and development. While the recent pandemic resurgence and associated supply chain interruptions have been challenging for our industry, and uncertainty remains for the near future, we are confident in the resilience of our organization.”
“Despite recent pandemic-related bumps on the road, we are forging ahead with our plan to commence the deliveries of our second model, the L9, in the third quarter. The L9 is a flagship smart SUV for family users based on our new-generation EREV platform, offering best-in-class performance, safety, and intelligence. It features our fully self-developed range extension system, chassis control system, and central vehicle domain controller, which empower its flagship dynamic performance and drivability. Every L9 comes standard with our proprietary autonomous driving system, Li AD Max, capable of all-scenario Navigation on ADAS (NOA)
for enhanced driving safety and convenience.”
Mr. Tie Li, chief financial officer of Li Auto, added, “Our solid performance in the first quarter of 2022 speaks to the enduring strength of our product. Driven by our strong vehicle deliveries despite the supply chain constraints facing the industry, we achieved revenues of RMB9.56 billion for the first quarter, up 167.5% year over year. Our vehicle margin in the first quarter remained healthy at 22.4%, and our cash flow from operations was positive for the eighth consecutive quarter at RMB1.83 billion. Amidst this volatile environment, we will continue to execute with discipline and further strengthen our financial flexibility and resilience, persevering
through challenges while maintaining a steadfast commitment to innovation.”
Recently, Chinese electric vehicle maker was named by the United States Securities and Exchange Commission (SEC) to Holding Foreign Companies Accountable Act (the “HFCAA”) list.
On March 14th, LI Auto announced that the Company’s Class A ordinary shares, which are listed and traded on the Stock Exchange of Hong Kong Limited, have been included in the Shenzhen-Hong Kong Stock Connect program, effective on March 14, 2022, based on the announcement of the Shenzhen Stock Exchange.