Company Reports

Li Auto's second-quarter revenue declined 15% year over year, mainly due to lower vehicle sales volume and pricing. However, vehicle margin recovered 340 basis points sequentially, and average selling price increased 8% from the previous quarter following the launch of the new-generation L9 and L8.

Li Auto is a leading new energy vehicle manufacturer in China, producing plug-in hybrid electric SUVs for family car use. Li Auto put a lot of effort into its range-extension powertrain, which has become a key selling point for its value-for-money vehicles. As it uses less battery, plug-in hybrid electric vehicles offer significant price advantages compared with battery electric vehicles. Its first model, the six-seater Li One SUV, is built on its proprietary extended-range electric vehicle technology, offering a total driving range of 800 kilometers. Unlike competitors, Li Auto adopts a single-point pricing strategy for enhanced price transparency.

Li Auto is a leading new energy vehicle manufacturer in China, producing plug-in hybrid electric SUVs for family car use. Li Auto put a lot of effort into its range-extension powertrain, which has become a key selling point for its value-for-money vehicles. As it uses less battery, plug-in hybrid electric vehicles offer significant price advantages compared with battery electric vehicles. Its first model, the six-seater Li One SUV, is built on its proprietary extended-range electric vehicle technology, offering a total driving range of 800 kilometers. Unlike competitors, Li Auto adopts a single-point pricing strategy for enhanced price transparency.

Li Auto’s first-quarter revenue declined 11% year on year, mainly attributable to a drop in vehicle pricing due to a product mix downshift. Vehicle margin lost 11 percentage points from last quarter as competition remained fierce.

Li Auto’s fourth-quarter revenue declined 35% year on year, mainly attributable to a drop in vehicle volume and pricing. Together with the product mix downshift, vehicle margin lost 3 percentage points year on year, while competition remained fierce.

Li Auto is a leading new energy vehicle, or NEV, manufacturer in China, producing plug-in hybrid electric sport utility vehicles, or SUVs, for family car use. Li Auto put a lot of effort into its range-extension powertrain, which has become a key selling point for its value-for-money vehicles. As it uses less battery, plug-in hybrid electric vehicles, or PHEVs, offer significant price advantages compared with battery electric vehicles, or BEVs. Its first model six-seater Li One SUV is built on its proprietary extended-range electric vehicle technology, offering total driving range of 800 km. Unlike competitors, Li Auto adopts a single point pricing strategy for enhanced price transparency.

Li Auto is a leading new energy vehicle, or NEV, manufacturer in China, producing plug-in hybrid electric sport utility vehicles, or SUVs, for family car use. Li Auto put a lot of effort into its range-extension powertrain, which has become a key selling point for its value-for-money vehicles. As it uses less battery, plug-in hybrid electric vehicles, or PHEVs, offer significant price advantages compared with battery electric vehicles, or BEVs.

Despite being above guidance, Li Auto’s third-quarter revenue nonetheless declined 36% year on year, due to a fall in vehicle volume sales. Together with additional product recall costs, the vehicle margin lost 540 basis points from a year ago, due to fierce price competition.

Li Auto’s second-quarter revenue declined 5% year on year due to a drop in average vehicle price. The vehicle margin gained 68 basis points year on year thanks to cost-reduction efforts and low battery costs, while competition remained fierce.

Li Auto is a leading new energy vehicle, or NEV, manufacturer in China, producing plug-in hybrid electric sport utility vehicles, or SUVs, for family car use. Li Auto put a lot of effort into its range-extension powertrain, which has become a key selling point for its value-for-money vehicles. As it uses less battery, plug-in hybrid electric vehicles, or PHEVs, offer significant price advantages compared with battery electric vehicles, or BEVs.

Li Auto’s first-quarter revenue was 5% above the high end of its guidance. Vehicle margin gained 42 basis points year on year and remained stable from the last quarter, thanks to vehicle volume growth and cost reduction efforts, despite intense competition.

Li Auto is a leading new energy vehicle, or NEV, manufacturer in China, producing plug-in hybrid electric sport utility vehicles, or SUVs, for family car use. Li Auto put a lot of effort into its range-extension powertrain, which has become a key selling point for its value-for-money vehicles. As it uses less battery, plug-in hybrid electric vehicles, or PHEVs, offer significant price advantages compared with battery electric vehicles, or BEVs.

Li Auto’s fourth-quarter revenue was around the midpoint of its guidance and largely in line with our expectations. Vehicle margin slipped 310 basis points year on year and 130 basis points from the previous quarter due to product mix and retail discounts.

Li Auto is a leading new energy vehicle, or NEV, manufacturer in China, producing plug-in hybrid electric sport utility vehicles, or SUVs, for family car use. Li Auto put a lot of effort into its range-extension powertrain, which has become a key selling point for its value-for-money vehicles. As it uses less battery, plug-in hybrid electric vehicles, or PHEVs, offer significant price advantages compared with battery electric vehicles, or BEVs.

Li Auto closed 2024 with 500,508 units delivery of plug-in hybrid electric vehicles. Because of an early Chinese New Year, January delivery was down 4% year over year to about 30,000 units.

Li Auto is a leading new energy vehicle, or NEV, manufacturer in China, producing plug-in hybrid electric sport utility vehicles, or SUVs, for family car use. Li Auto put a lot of effort into its range-extension powertrain, which has become a key selling point for its value-for-money vehicles. As it uses less battery, plug-in hybrid electric vehicles, or PHEVs, offer significant price advantages compared with battery electric vehicles, or BEVs.

Li Auto’s third-quarter revenue was 2% above guidance and largely in line with our expectation. Net profit beat as margin recovered from the past quarter's trough. Vehicle margin was flat year on year but picked up 220 basis points from past quarter supported by larger delivery and supplier rebate.

Li Auto is a leading new energy vehicle, or NEV, manufacturer in China, producing plug-in hybrid electric sport utility vehicles, or SUVs, for family car use. Li Auto put a lot of effort into its range-extension powertrain, which has become a key selling point for its value-for-money vehicles. As it uses less battery, plug-in hybrid electric vehicles, or PHEVs, offer significant price advantages compared with battery electric vehicles, or BEVs.

Li Auto’s second-quarter revenue was largely in line with the firm's guidance, but net profit missed our expectation due to a soft margin. Vehicle margin of 19% declined 2 percentage points year over year due to negative impact from price promotions and sales mix shift despite a larger delivery volume. We reduce our fair value estimate to USD 32.80 per ADS (HKD 127.40 per share) from USD 37.50 (HKD 147.40), which implies a forward 2025 price/sales ratio of 1.5 times and price/earnings of 30 times. While Li Auto's shares are trading in 4-star territory, we still prefer Geely on valuation grounds.

Li Auto is a leading new energy vehicle, or NEV, manufacturer in China, producing plug-in hybrid electric sport utility vehicles, or SUVs, for family car use. Li Auto put a lot of effort into its range-extension powertrain, which has become a key selling point for its value-for-money vehicles. As it uses less battery, plug-in hybrid electric vehicles, or PHEVs, offer significant price advantages compared with battery electric vehicles, or BEVs.