Li Auto Q4 revenue beats expectations, net profit turns positive for first time
Chinese electric vehicle maker Li Auto reported revenue of RMB 4.15 billion yuan in the fourth quarter of 2020, above market expectations of RMB 3.793 billion and up 65.2 percent from RMB 2.51 billion in the previous quarter.
Li Auto reported a net income of RMB107.5 million in the fourth quarter, the first time it has achieved positive quarterly net income, according to the company's unaudited financial report released today.
For the full year 2020, Li Auto reported a net loss of RMB 151.7 million, down 93.8% from RMB 2.44 billion in 2019.
Li Auto reported a gross margin of 17.5% in the fourth quarter and total revenue of RMB 9.46 billion for the full year 2020, resulting in a full-year gross margin of 16.4%.
Li Auto expects total revenue of RMB 2.94 billion - RMB 3.22 billion in the first quarter of 2021.
The company expects to deliver between 10,500 and 11,500 vehicles in the first quarter, an increase of 262.6% to 297.1% over the first quarter of 2020.
Li Auto delivered 14,464 Li ONEs in the fourth quarter of 2020, a 67.0 percent increase over the previous quarter and a new quarterly delivery high. It delivered 32,624 units for the full year 2020.
Li Auto reported an operating cash flow of RMB 1.82 billion in the fourth quarter, up 95.9% from RMB 929.8 million in the previous quarter.
It has an operating cash flow of RMB 3.14 billion in 2020 and -RMB 1.79 billion in 2019.
As of December 31, 2020, the company's cash reserves reached RMB 29.87 billion.