Chinese electric vehicle company Li Auto posted revenue of RMB 3.58 billion ($545.7 million) in the first quarter, beating Wall Street estimates of RMB 3.355 billion, according to the company's unaudited earnings report released Wednesday.
This was up 319.8 percent from RMB 851.7 million in the same quarter last year, but down 13.8 percent from RMB 4.15 billion in the fourth quarter.
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Li Auto reported a net loss of RMB 360 million in the first quarter, above analysts' expectations of a loss of RMB 134 million, compared with a net income of RMB 107.5 million in the fourth quarter.
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The company's vehicle sales in the first quarter were RMB 3.46 billion, up 311.8 percent from RMB 841.1 million in the first quarter of last year and down 14.6 percent from RMB 4.06 billion in the fourth quarter.
Li Auto's gross margin in the first quarter was 17.3 percent, up from 8.0 percent in the same quarter last year and slightly lower than the 17.5 percent in the fourth quarter.
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Its vehicle margin in the first quarter was 16.9 percent, up from 8.4 percent in the same quarter last year, but down from 17.1 percent in the fourth quarter.
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Li Auto's gross profit in the first quarter was RMB 616.7 million, up 802.9 percent from the same quarter last year and down 14.9 percent from the fourth quarter.
Its loss from operations was RMB 407.7 million, up 74.1 percent from the same quarter last year and up 416.7 percent from the fourth quarter.
Its non-GAAP loss from operations was RMB 224.8 million, down 4.0 percent from the same quarter last year and up 216.2 percent from the fourth quarter.
Li Auto's operating cash flow was RMB 926.3 million in the first quarter, down 49.1 percent from RMB 1.82 billion in the same quarter last year.
Its free cash flow in the first quarter was RMB 570.2 million, down 64.3 percent from RMB 1.6 billion in the same quarter last year.
As of March 31, the balance of cash and cash equivalents, restricted cash, time deposits and short-term investments of Li Auto was RMB 30.36 billion.
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Li Auto delivered 12,579 units of the Li ONE, the company's only model, in the first quarter, up 334.4 percent from the same period last year.
(Graphic by CnEVPost)
The company expects to deliver 14,500-15,500 units in the second quarter, up 119.6-134.7 percent from the same period last year.
Li Auto expects revenue for the second quarter to be RMB 3.99 billion-RMB 4.27 billion, an increase of 104.6 percent-119.0 percent over the same period last year.
As of March 31, Li Auto had 65 retail stores in 49 cities and 135 servicing centers and Li Auto-authorized body and paint shops in 98 cities.
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