Earnings

Li Auto guides deliveries to be between 100,000 and 103,000 units in the first quarter of 2024, an increase of 90.2 percent to 95.9 percent from the first quarter of 2023.

Nio delivered 50,045 vehicles in the fourth quarter, exceeding the upper end of its previous guidance range of 47,000 to 49,000 vehicles.

Li Auto delivered a record 131,805 vehicles in the fourth quarter, with the lowest-priced Li L7 contributing 40 percent.

Lithium producers including Ganfeng and Tianqi expect their net profits in 2023 to be much lower than in 2022, with the common reason being a sharp drop in lithium prices.

The earnings preview implies CATL returned to net profit growth in the fourth quarter, after seeing a sequential decline in the third quarter.

BYD's average profit per vehicle fell by about RMB 1,400 in the fourth quarter from the third quarter, mainly due to promotions through discounts and incentives offered to dealers, a team of analysts said.

In the fourth quarter, Tesla's revenue from China was a record $6.1 billion, or 24.25 percent of its total revenue.

BYD achieved a significant improvement in earnings, demonstrating strong resilience despite tougher competition in the industry, the company said.

Gotion said further reductions in raw material costs and the introduction of Volkswagen's management system have helped it improve efficiency.

Tesla said its vehicle volume growth rate in 2024 could be notably lower than in 2023 as the team works to roll out next-generation vehicles at its Texas plant.