Li Auto’s Revenue in First Quarter Tops $1.42 Billion

Chinese automaker Li Auto released its unaudited financial report for the first quarter of 2022 on Tuesday. The company garnered a total revenue of 9.56 billion yuan ($1.42 billion) in Q1, up 167% from 3.58 billion yuan in the first quarter of 2021 and down 10.0% from 10.62 billion yuan in Q4 2021.

Li Auto‘s net loss hit 10.9 million yuan in the first quarter of 2022, compared with a 360 million yuan net loss in the first quarter of 2021 and 295.5 million yuan net income in the fourth quarter of 2021. Non-GAAP net income was 477.1 million yuan in the first quarter of 2022, compared with 177.0 million yuan non-GAAP net loss in the first quarter of 2021 and 686.4 million yuan non-GAAP net income in the fourth quarter of 2021. Moreover, the company’s free cash flow sat at 502.0 million yuan in the first quarter of 2022.

In the first quarter, Li Auto‘s R&D investment was 1.37 billion yuan, up 167% year-on-year. The company indicated that it would continue to promote technological progress in several of its models, including the electric extended range, high voltage pure electric, intelligent console and intelligent driving.

Deliveries of the Li ONE, the only model of Li Auto, topped 31,716 vehicles in the first quarter of 2022, representing a 152.1% year-over-year increase. The EV maker plans to deliver its second model, the L9, a smart flagship SUV specially built for family use, in the third quarter.

Its vehicle sales were 9.31 billion yuan in the first quarter of 2022, representing an increase of 168.7% from 3.46 billion yuan in the first quarter of 2021 and a decrease of 10.3% from 10.38 billion yuan in the fourth quarter of 2021. The vehicle margin also reached 22.4% in the first quarter of 2022.

As of March 31, 2022, the company had 217 retail stores covering 102 cities, as well as 287 servicing centers and Li Auto-authorized body and paint shops operating in 211 cities.

Affected by the epidemic, Li Auto estimated that the number of vehicles delivered in the second quarter of 2022 will be between 21,000 to 24,000 units, up 19.5% to 36.6% year-on-year. Its total revenue is expected to range from 6.16 billion yuan to 7.04 billion yuan, up 22.3% to 39.8% year-on-year.

SEE ALSO: CPCA: Retail Sales for Passenger Cars Decreases by 35.5% YoY in April

Li Auto, which is currently listed on both Hong Kong and US stock exchanges, is facing the risk of being delisted by the US Securities and Exchange Commission. On May 5, the SEC added 17 companies to its “pre-delisting” list. Companies include Li Auto, delivery firm Best Inc. and real estate trading platform KE Holdings. This is the fifth batch of China concept stocks to be included in the list since March.