Li Auto car today released the fourth quarter and full-year financial report of 2022. In a conference call after the release of the results, Li Xiang, CEO of Li Auto, revealed the goals for 2023.
Li said: “In less than a year, Li Auto has launched three models, namely Li L9, Li L8 and Li L7, to enrich the product matrix and achieve comprehensive coverage of the family SUV market from RMB 300,000 to RMB 500,000. This year, Li will challenge the 20% market share of the entire luxury SUV market in the price range of RMB 300,000 to 500,000.”
According to the financial report, Li Auto achieved revenue of RMB 45.29 billion in 2022, an increase of 67.7% year-on-year. Net loss for 2022 was NT$ 2.032 billion, compared to a net loss of NT$ 320 million in 2021, an increase of 535% year-over-year.
The outlook for the first quarter of 2023 is another single-quarter high, with Li Auto expecting vehicle deliveries of 52,000 to 55,000 units, up 64.0% to 73.4% year-over-year, and total revenue of RMB17.45 billion to RMB 18.45 billion, up 82.5% to 93.0% year-over-year.
As previously reported by IT Home, Li released the positioning plan for each model of Li Auto on his Weibo account.
- The full-size Li L9 will stick to the price range of RMB 400,000-500,000
- The mid-sized Li L8 and Li L7 will stick to the price range of RMB 300,000-400,000
- The mid-size Li L6 and Li L5 (non-SUV form) will stick to a price range of RMB 200,000-300,000
In addition, there will be no model within RMB 200,000, and the price range of the three size classes (full-size, mid-size and mid-size) will be strictly adhered to.
Li Auto also said that the absolute value of an investment in research and development for a single model of R & D Li Auto is the highest among Chinese brands (neither multiple brands nor multiple models). In the directly operated system, the selling and management expense rate is the least among Chinese brands, which is much lower than the R&D expense rate. In the directly operated companies, each vehicle has the highest R&D gold content and the lowest marketing share.