Li Auto said it won't release any all-electric SUVs this year; they'll be released in the first half of next year. It said in its last earnings call that it would release three all-electric SUVs in the second half of 2024.
Li Auto (NASDAQ: LI) today announced its unaudited earnings results for the first quarter of 2024, followed by an analyst call.
Below are the live updates published by CnEVPost based on the call, with the latest at the top.
The core change in Li Auto's latest round of organizational restructuring is the creation of a quality operations team to make high-quality decisions, as well as to improve execution efficiency. The results of the realignment may not be seen clearly until 2025.
Li Auto won't be releasing any all-electric SUVs this year; they'll be released in the first half of next year. (Note: Li Auto said in its last earnings call that it would release three all-electric SUV models in the second half of 2024.)
A sufficient number of self-operated supercharging piles are necessary to sell pure electric SUVs at this stage.
A similar number of self-operated superchargers as Tesla China would be the right time to bring Li Auto's all-electric products to market.
At the same time, Li Auto needed to upgrade and add comprehensive stores and stores in malls with more exhibition space.
Li Auto's price adjustments in April were well received by consumers, and the company has no plans for further price reductions at this time.
Li Auto will begin a 1,000-person-scale public beta test of its AD Max 3.0 driver assistance software in May and expects to make it available to all AD max-equipped models via an OTA upgrade in the third quarter of this year.
Li Auto's sales network already covers all tier 1, new tier 1 and tier 2 cities in China, as well as 89 percent of tier 3 cities. This year, the company's sales network will cover more cities, boosting the penetration of NEVs.
Li Auto will continue to increase and accelerate its investment in the supercharging network, with the goal of opening more than 10,000 supercharger piles along China's highways and in cities by the end of this year.
As of May 19, Li Auto has opened 404 supercharging stations with 1,770 charging piles.
So far this year, Li Auto has faced multiple challenges in a changing internal and external environment, with performance in the first quarter falling short of the company's expectations at the start of the year.
In the face of the issues, Li Auto made quick adjustments, initiating organizational upgrades and process optimization to improve internal operational efficiency and decision-making quality.
Li Auto's price adjustments in late April were well received by customers, with rapid growth in store visits and record weekly order growth over the Labor Day holiday in early May.
Despite the launch of Li Auto's new model, the Li Mega, and updates to the L-series, the company's gross margin remained at a healthy 20.6 percent.
Li Auto sees net income fall in Q1, guidance for Q2 misses expectations
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