Li Auto’s 2021 Net Loss Increases 111.9% YoY, CTO Steps Down

Li Auto, a new energy vehicle maker in China, on Friday announced its unaudited financial results for the fourth quarter and full year ended December 31, 2021.

The company’s total revenues were 10.62 billion yuan ($1.67 billion) in the fourth quarter of 2021, representing a year-on-year increase of 156.1% while gross profit was 2.38 billion yuan, representing a year-on-year increase of 228.5%.

The whole of Li Auto‘s last year’s total revenues and gross profit were 27.01 billion yuan and 5.76 billion yuan, respectively. However, its net losses reached 321.5 million yuan in 2021, representing an increase of 111.9% from 151.7 million yuan in 2020.

The company delivered 35,221 Li ONEs in the fourth quarter of 2021, representing a 143.5% year-over-year increase. Deliveries of the Li ONE for the full year 2021 reached 90,491 vehicles, representing an increase of 177.4% from 32,624 vehicles in 2020.

In January 2022, the company delivered 12,268 Li ONEs, representing a 128.1% increase from the year before.

As of December 31, 2021, the company had 206 retail stores covering 102 cities and 278 servicing centers and had authorized body shops operating in 204 cities.

For the first quarter of 2022, the company expects deliveries of vehicles to be between 30,000 and 32,000 units, and total revenues to be between 8.84 billion yuan and 9.43 billion yuan.

SEE ALSO: Li Auto Plans to Deliver Li ONEs with Two Radars Missing Due to Chip Shortage

Li Auto also announced a management change today. Wang Kai has tendered his resignation as chief technology officer of the company for personal reasons. Ma Donghui, the company’s chief engineer, will assume the responsibilities in managing Li Auto‘s research and development in intelligent vehicle technologies. Wang will continue to serve as the company’s senior advisor until December 31, 2022 to ensure a smooth transition.