Li Auto Tops 500K Deliveries In 2024, Sees Q1 Slowdown

Li Auto Inc LI reported fiscal fourth-quarter 2024 revenue growth of 6.1% year-on-year to 44.3 billion Chinese yuan ($6.07 billion), missing the analyst consensus of 44.6 billion Chinese yuan. 

Its adjusted net earnings per ADS were 3.79 Chinese yuan ($0.52), beating the analyst consensus of 2.87 Chinese yuan. The stock price fell after the print.

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Vehicle sales increased 5.6% to $5.8 billion due to increased vehicle deliveries partially offset by the lower average selling price, mainly due to different product mixes. Total vehicle deliveries were 158,696 units in the quarter, a 20.4% year-over-year increase.

The vehicle margin declined by 300 bps year over year to 19.7%, and the gross margin decreased by 320 bps year over year to 20.3%. 

Adjusted income from operations was $577.6 million, up by 9.1% Y/Y. Adjusted net income decreased 12.0% Y/Y to $553.4 million.

Li Auto held cash and equivalents of $15.5 billion as of December 31, 2024, and generated $1.2 billion in operating cash flow for the quarter. Free cash flow was $830.1 million.

As of December 31, 2024, the company had 502 retail stores covering 150 cities, 478 servicing centers, Li Auto-authorized body and paint shops operating in 225 cities, and 1,727 supercharging stations with 9,100 charging stalls.

Chair and CEO Xiang Li noted the fourth quarter propelled its full-year deliveries to surpass the 500,000 milestone, making it a leading premium automotive brand in China. Looking ahead to 2025, it plans to launch its next-generation autonomous driving architecture and new BEV models.

Q1 Outlook: Li Auto expects quarterly revenue of 23.4 billion Chinese yuan ($3.2 billion)-24.7 billion Chinese yuan ($3.4 billion), representing a decrease of 8.7%–3.5% year over year.

LI expects quarterly vehicle deliveries of 88,000-93,000, representing an increase of 9.5%–15.7% year over year.

Price Action: LI stock is down by 3.93% at $27.59 in premarket at the last check on Friday.

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