The following is a summary of the Li Auto Inc. (LI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Li Auto delivered over 80,400 vehicles in Q1 2024, showing a 52.9% increase year-over-year.
Revenue reached RMB25.6 billion, marking a year-on-year increase of 36.4%.
Gross margin was 20.6% for Q1.
Net income for Q1 2024 decreased to RMB591.1 million, marking a fall of 36.7% year-over-year and 89.7% from the previous quarter.
The diluted net earnings per ADS for Q1 was RMB0.56, down from RMB0.89 in the same period last year and RMB5.32 in the last quarter.
Business Progress:
Launched two new models, the Li MEGA and Li L6 expanding the product portfolio.
Released new autonomous driving platform, the AD Pro 3.0.
Current supercharging network has 404 stations in operation, with a goal to reach 10,000 stations by year-end.
Expansion of retail stores and service centers across China is underway.
Plans are in place to release a fully independent HD map solution, the City NOA.
Established a dedicated department for quality operations after an organizational restructuring.
Future strategies include expanding the number of branded charging stations, adopting a direct sales approach, differentiated retail strategies, and revamping the after-sales service network.
More details: Li Auto IR
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