Li Auto (LI) Q4 2024 earnings summary

Executive summary

• Achieved record quarterly deliveries of 158,696 vehicles in Q4 2024, up 20.4% year-over-year, and full-year deliveries of 500,508, up 33.1% from 2023, leading the CNY 200,000+ NEV market with a 15.3% share.

• Each L series model exceeded 200,000 cumulative deliveries, reflecting strong product recognition and delivery efficiency.

• Maintained robust cash reserves of RMB 112.8 billion, supporting long-term investments in electrification and AI.

• Maintained sales leadership among Chinese premium NEV brands and expanded retail, service, and charging networks.

Financial highlights

• Q4 2024 total revenue reached RMB 44.3 billion, up 6.1% year-over-year and 3.3% quarter-over-quarter; full-year revenues were RMB 144.5 billion, up 16.6% from 2023.

• Vehicle sales revenue was RMB 42.6 billion, up 5.6% year-over-year and 3.2% sequentially; vehicle margin declined to 19.7% from 22.7% a year ago.

• Gross profit was RMB 9 billion, down 8.3% year-over-year and 2.8% sequentially; gross margin at 20.3%.

• Net income for Q4 was RMB 3.5 billion, down 38.6% year-over-year but up 25.3% sequentially; full-year net income was RMB 8.0 billion, down 31.9% from 2023.

• Q4 free cash flow was RMB 6.1 billion, down 58.6% year-over-year; full-year free cash flow was RMB 8.2 billion, down 81.4%.

Outlook and guidance

• Q1 2025 vehicle deliveries expected between 88,000 and 93,000 units, up 9.5%-15.7% year-over-year.

• Q1 2025 revenue guidance is CNY 23.4–24.7 billion, representing a year-over-year decrease of 8.7%-3.5%.

• Q1 2025 vehicle sales margin expected around 19% due to seasonality and promotions.

• Plans to launch next-generation autonomous driving architecture and two new BEV models (Li I8 in July, Li I6 in H2) in 2025.