Li Auto achieved a record 152,831 deliveries in the third quarter, within the guidance range of 145,000 to 155,000 units.
Li Auto (NASDAQ: LI) will report unaudited financial results for the third quarter of 2024 before the US markets open on Thursday, October 31, it announced today.
The company achieved a record 152,831 deliveries in the third quarter, which was within the guidance range of 145,000 to 155,000 units.
Deliveries for the quarter were up 45.4 percent year-on-year and up 40.75 percent from the second quarter.
When Li Auto announced its second-quarter results on August 28, it guided third-quarter revenue to be in the range of RMB 39.4 billion yuan ($5.5 billion) to RMB 42.2 billion yuan, implying year-on-year growth of 13.7 percent to 21.6 percent.
In the second quarter, Li Auto's gross margin came in at 19.5 percent, down further from 20.6 percent in the first quarter, but better than the 19.3 percent analysts expected at the time. Its gross margin for the second quarter of 2023 was 21.8 percent.
Its vehicle margin was 18.7 percent in the second quarter of 2024, compared to 21.0 percent in the second quarter of 2023 and 19.3 percent in the first quarter of 2024.
Li Auto has seen strong delivery performance this year, with record deliveries of 53,709 vehicles in September, up 48.94 percent year-on-year and up 11.61 percent from August.
On October 18, Li Auto announced that it reached the milestone of its 1 millionth vehicle delivery, 58 months after its 1st vehicle delivery.
Li Auto currently sells mainly L-series EREVs, including the Li L6, Li L7, Li L8, and Li L9, all of which are SUVs (sport utility vehicles).
On March 1, the company's first battery electric vehicle (BEV), the Li Mega MPV (multi-purpose vehicle), was launched.
It announced in its first-quarter earnings call on May 20 that its plans to launch more BEVs have been pushed back to the first half of next year, from the second half of 2024 as previously planned.
Li Auto has not provided new information on the progress of its BEV models in the past few months.
Li Auto management will host an earnings conference call on Thursday, October 31 at 8:00 pm Beijing time (8:00 am US Eastern time).
Participants who wish to join the call may complete an online registration prior to the scheduled start time of the call using the link provided below.
Participant Online Registration: https://s1.c-conf.com/diamondpass/10042773-bt4saz.html
Li Auto's local peers Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Zeekr (NYSE: ZK) have yet to announce their third-quarter earnings release dates.
($1 = RMB 7.1115)
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