Li Auto reported first-quarter 2023 earnings, with quarterly revenue and deliveries both hitting record highs.
Li Auto reported first-quarter revenue of RMB 18.79 billion, up 96.5% year-over-year, compared to estimates of RMB 18.68 billion. Li Auto said its NON-GAAP net income for the first quarter was 1.41 billion, up 196% year-over-year. Li Auto delivered 52,600 RMB units in the first quarter, up 65.8% year-over-year, compared to an estimate of 53,400, achieving the best single-quarter delivery result.
Li Auto expects second-quarter revenue of RMB 24.22 billion to RMB 25.86 billion, up 177.4-196.1% year-over-year. Li Auto said it expects to deliver 76,000-81,000 vehicles in the second quarter, up 164.9-182.4% year-over-year.
A number of financial figures reached record highs, driven by strong deliveries. Excluding equity incentives, operating profit and net income reached $890 million and $1.41 billion, respectively, and free cash flow reached $6.70 billion. The gross margin remained stable at 20.4% in the first quarter.
