Hong Kong · Delayed Price · Currency is HKD Li Auto Earnings Call Transcripts
Fiscal Year 2025
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Q4 revenue fell 35% year-over-year but rose sequentially, with BEV models showing strong order recovery and production ramp-up. Major investments in AI and in-house chips continue, while new L9 series launches aim to set new standards in flagship SUVs.
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Q3 2025 saw revenue and profit declines due to lower deliveries and recall costs, but a strong cash position was maintained. Strategic focus shifts to embodied AI vehicles, major product upgrades, and supply chain improvements, with guidance for Q4 showing cautious optimism.
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Q2 2025 saw over 110,000 vehicles delivered and RMB 30.2B in revenue, with BEV and EREV innovation driving growth. Gross margin held at 20.1%, and Q3 guidance projects 90,000–95,000 deliveries and stable margins. Heavy R&D and AI investment, sales network expansion, and global strategy underpin future growth.
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Q1 2025 saw 92,000+ vehicles delivered and RMB 25.9B in revenue, with strong market leadership and robust order backlog. Q2 guidance projects up to 128,000 deliveries and stable margins, while innovation in ADAS, open-source OS, and network expansion drive future growth.
Fiscal Year 2024
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Achieved record Q4 and full-year deliveries, with strong revenue and cash reserves supporting major R&D in AI and electrification. Guidance for Q1 2025 anticipates solid delivery growth but lower revenue, with new BEV launches and global expansion planned.
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Q3 2024 saw record revenues, strong vehicle deliveries, and expanding market share in the premium NEV segment. Autonomous driving and charging infrastructure advanced rapidly, while robust cash flow and a positive outlook support continued growth and innovation.
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Q2 2024 saw 25.5% year-over-year delivery growth and 10.6% revenue increase, with strong market share gains in premium NEVs. Gross margin declined to 19.5%, but Q3 guidance projects higher deliveries and revenue, and BEV launches remain on track for 2025.