Li Auto Inc THERE reported fiscal 2023 fourth-quarter revenue growth of 136.4% year-over-year to $5.88 billion, beating consensus of $5.48 billion.
Adjusted net profit per ADS attributable to ordinary shareholders it was $0.60 in the fourth quarter of 2023. The stock price rose after the results.
Vehicle sales increased 133.8% to $5.69 billion, primarily attributable to increased vehicle deliveries. Total vehicle deliveries were 131,805 units in the quarter, an increase of 184.6% year over year.
Vehicle margin grew 270 bps y/y to 22.7%, while gross margin grew 330 bps y/y to 23.5%. Adjusted operating result was $544.1 million, up 579.3% y/y.
Li Auto held cash and cash equivalents of $14.60 billion as of December 31, 2023. Cash provided by operating activities was $2.44 billion for the quarter, up 251.1% y/y.
As of December 31, 2023, the company had 467 retail stores in 140 cities, 360 service centers, and Li Auto-authorized body and paint shops operating in 209 cities.
In January 2024, the company delivered 31,165 vehicles, an increase of 105.8% compared to January 2023.
Mr. Xiang Li, President and CEO of Li Auto, commented: “Undeterred by the highly competitive NEV market in 2023, Li Auto has achieved outstanding performance with its three Li L series models. Full-year deliveries grew by 182.2% to 376,030 vehicles, making us the best-selling brand among NEVs priced above RMB 300,000 in China. In December we released OTA version 5.0 for the Li L series.”
View: Li Auto expects first-quarter fiscal 2024 revenue of $4.40 – $4.53 billion (consensus $5.43 billion), an increase of 66.3% – 71.3% y/y.
LI expects first-quarter vehicle deliveries of 100,000 – 103,000, an increase of 90.2% – 95.9% y/y.
Price Action: At last check Monday, LI shares were trading 11.8% higher at $38.88 in premarket trading.
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