Written by Cláudio Afonso | LinkedIn | X
Beijing based carmaker Li Auto reported on Friday its fourth quarter earnings results posting 44.3 billion yuan ($6.1 billion) of total revenue primarily driven by 158,696 vehicles delivered between last October and the year’s end.
The chief executive Li Xiang confirmed that the new energy vehicle (NEV) maker will launch the “next-generation autonomous driving architecture and new BEV models” later this year to have “a more diversified product portfolio.”
Vehicle margin fell both sequentially and year on year to 19.7% versus 22.7% in the fourth quarter of 2023 and 20.9% in the third quarter of 2024.
“Strong vehicle deliveries drove fourth-quarter revenues to RMB44.3 billion, representing a new quarterly record high and 6.1% year-over-year growth. This brought our full-year revenues to RMB144.5 billion, increasing by 16.6% year over year,” the chief financial officer Tie Li stated.
The company expects to deliver between 88,000 and 93,000 vehicles in the first quarter of the year, which would represent a year-over-year increase of 9.5% to 15.7%.
Considering that Li Auto delivered 29,927 and 26,263 vehicles in January and February, respectively, the carmaker expects to deliver between 31,810 and 36,810 units this month.
As of the time of writing, Li Auto shares are trading 3.6% lower on early Friday at $27.71.
Regarding total revenue, the company forecasts between 23.4 billion yuan ($3.2 billion) and 24.7 billion yuan ($3.4 billion), a drop between 8.7% to 3.5%.
At the “2024 Li Auto AI Talk” series, the chief executive of the carmaker Li Auto, Li Xiang, said that cars will evolve from tools for transportation into AI-powered robots. The CEO had previously stated that the carmaker’s goal is to become an AI company.
In September 2022, the company decided to focus on AI, which is key to staying competitive. By early 2023, Li Auto officially announced AI as part of its long-term plan.
Written by Cláudio Afonso | LinkedIn | X
