Li Auto’s Q3 2022 revenue up 20.2% year-on-year

Shanghai (Gasgou)- Li Auto Inc. announced Friday that its revenue for the third quarter of 2022 (Q3 2022) reached 9.34 billion yuan ($1.31 billion).

In the third quarter of 2022, Li Auto’s vehicle sales reached 9.05 billion yuan (1.27 billion yuan), an increase of 22.5% from the same quarter of 2021 and an increase of 6.6% from the second quarter of 2022 (Q2 2022). % increased. The company said the year-over-year and quarter-over-quarter increases were primarily due to higher average selling prices from his Li L9 deliveries, which began in late August. Li Auto recorded his gross profit of 1.18 billion yuan) in the third quarter of 2022, reflecting a decrease of 34.8% from the previous year and a decrease of 37.1% from the previous quarter.

In Q3 2022, Li Auto’s gross margin was 12.7%, down 10.6 percentage points from Q3 2021 and down 8.8 percentage points from Q2 2022.

Photo courtesy of Li Motor

The company primarily attributes the year-over-year and quarter-to-quarter declines in its gross margin to higher cost of sales in the third quarter of 2022.

July-September During this period, Li Auto’s vehicle profit margin was 12.0%, down 9.1 percentage points year-on-year and down 9.2 percentage points quarter-on-quarter. This was primarily due to the loss of inventory reserves and purchase commitments related to Li ONE.

Excluding the aforementioned impact, the company’s vehicle margin in Q3 2022 was 20.8%.

In the third quarter of 2022, Li Auto’s R&D expenses soared by 103.1% year-on-year and increased by 17.8% from the previous quarter to 1.8 billion yuan ($253.6 million). The year-on-year surge was primarily driven by higher costs related to new models to be introduced in the future and higher employee compensation as a result of an increase in the number of R&D staff. The quarter-over-quarter growth was primarily due to higher costs related to new model launches.

Li Auto posted 1.65 billion yuan ($231.3 million) in the third quarter of 2022 against a loss of 21.5 million yuan in the third quarter of 2021 and a loss of 641.1 million yuan in the second quarter of 2022. ) faced a net loss.

As of September 2022, Li Auto confirmed the balance of cash and cash equivalents, restricted cash, term deposits, short-term investments, and long-term term deposits and long-term financial instruments included in long-term investment amounts. to 55.83 billion yuan ($7.85 billion).

Li Auto expects its vehicle shipments in the fourth quarter of 2022 (Q4 2022) to be between 45,000 and 48,000 units, an expected year-on-year increase of 27.8% to 36.3%.

Additionally, the company hopes to record quarterly revenue of RMB 16.51 billion ($2.32 billion) to RMB 17.61 billion ($2.47 billion) in the fourth quarter of 2022, down 55.4% to 65.8% from the corresponding period in 2021. equivalent to an increase in