Li Auto delivered a record 131,805 vehicles in the fourth quarter, with the lowest-priced Li L7 contributing 40 percent.
Li Auto (NASDAQ: LI) announced today that it will report unaudited financial results for the fourth quarter and full year 2023 on Monday, February 26, before the US stock market opens.
Li Auto delivered a record 131,805 vehicles in the fourth quarter, up 184.56 percent year-on-year and up 25.4 percent from the third quarter, according to data compiled by CnEVPost.
Its least expensive Li L7 delivered 52,552 vehicles in the fourth quarter, contributing 40 percent. The more expensive Li L8 and Li L9 each contributed 30 percent.
In a strong end to 2023, the company delivered more than 40,000 units in both October and November at 40,422, 41,030 respectively. Its deliveries in December rose further to 50,353 units, the first time it has exceeded the 50,000 mark.
Li Auto delivered 376,030 vehicles in 2023, a year-on-year growth of 182.21 percent, reaching its sales target of 300,000 units.
For achieving last year's sales target, Li Auto offered its employees generous year-end bonuses, which local media said was somewhere between four to eight months of monthly salary.
The company is aiming to challenge annual sales of 800,000 units in 2024, as well as monthly sales of up to 100,000 units.
To meet this aggressive sales target, Li Auto will revamp its currently sold extended-range electric vehicle (EREV) models Li L7, Li L8, Li L9 in 2024 and will enter the battery electric vehicle (BEV) market for the first time.
In 2024, Li Auto aims to sell at least 400,000 units of the Li L7, Li L8 and Li L9 combined, the company's senior vice president, Zou Liangjun, said in an interview with local media outlet The Paper in January.
Li Auto will launch the Li L6 EREV in April, which will be the company's first model priced under RMB 300,000 yuan ($41,690), and aims to challenge monthly sales of 30,000 units, Zou said in that interview.
Li Auto will launch three BEV models based on the high-voltage platform in the second half of the year, he said.
The company previously said it plans to launch and begin deliveries of its first BEV, the Li Mega MPV (Multi-Purpose Vehicle), in March.
Deutsche Bank analyst Edison Yu's team upgraded Li Auto to buy from hold in a February 6 research note, citing a compelling pattern over the next few quarters driven by a strong pipeline and further supported by an attractive valuation for a top tier EV player.
Li Auto management will host earnings call on February 26 at 7:00 am US Eastern Time, or 8:00 pm Beijing Time on the same day.
For participants wishing to join the call, online registration will need to be completed prior to the scheduled start time of the call using the link provided below.
Participant Online Registration: https://s1.c-conf.com/diamondpass/10036557-1tqjis.html
A replay of the conference call will be available until March 4 by dialing the following numbers:
United States: +1-855-883-1031
Chinese mainland: +86-400-1209-216
Hong Kong, China: +852-800-930-639
International: +61-7-3107-6325
Replay PIN: 10036557
($1 = RMB 7.1966)
Exec reveals how Li Auto plans to achieve 800,000 car sales in 2024
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