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Li Auto Inc. Announces Unaudited Third Quarter 2020 Financial Results

From Li Auto| November 16 , 2020

Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the third quarter ended September 30, 2020.

理想One 3.jpg

Li ONE; photo credit: Li Auto

Operating Highlights for the Third Quarter of 2020

2020 Q12020 Q22020 Q3

As of September 30, 2020, the Company had 35 retail stores covering 30 cities.

Financial Highlights for the Third Quarter of 2020

Key Financial Results

(in RMB millions, except for percentages)

For the Three Months Ended

September 30,
June 30,
Q o Q

% Change5

Vehicle sales2,464.7
Vehicle margin19.8%

Total revenues2,510.8
Gross profit496.8
Gross margin19.8%

Loss from operations(180.0)
Non-GAAP loss from operations3(45.0)

Net loss(106.9)
Non-GAAP net income/(loss)316.0

Operating cash flow929.8
Free cash flow749.9

Recent Developments

Deliveries Update

Executive and Board Appointments

Strategic Cooperation

CEO and CFO comments

Mr. Xiang Li, founder, chairman and chief executive officer of Li Auto, commented, “This is our first quarterly earnings release as a public company, and we are pleased to announce robust third quarter results reflecting not only our strong growth momentum driven by the outstanding value proposition of our products, but also our relentless pursuit of operating efficiencies. We delivered 8,660 Li ONEs in the third quarter, representing a 31.1% quarter-over-quarter increase and setting a new quarterly record. Cumulative deliveries in 2020 at the end of October reached 21,852 vehicles. This is a strong testament to the competitiveness of the Li ONE. For the fourth quarter of 2020, we expect our growth momentum to continue with deliveries reaching 11,000 to 12,000 vehicles.”

“In terms of R&D, we will further increase our investment in this regard and continue to leverage technology to create value for users and optimize our user experience. Through product and technology innovations, we are committed to providing our users with safer, easier and more cost-effective travel solutions, ensuring we live up to their support and trust.” concluded Mr. Li.

Mr. Tie Li, chief financial officer of Li Auto, added, “We are pleased to report our third quarter financial and operating results with 28.9% quarter-over-quarter growth in total revenues driven by our record quarterly vehicle deliveries, as well as gross margin expansion, which increased to 19.8% compared with 13.3% of the second quarter. In the third quarter, we generated operating cash flow of RMB929.8 million, 105.8% higher than the prior quarter, which demonstrated our operational efficiency and successful cash flow management strategy. Looking forward, we will continue investing in both R&D and direct sales and servicing network expansion, as product iteration and sales channel integrity are the key components of our success."

Financial Results for the Third Quarter of 2020


Cost of Sales and Gross Margin

Operating Expenses

Loss from Operations

Net Loss and Earnings Per Share

Balance Sheets, Operating Cash Flow and Free Cash Flow

Business Outlook
For the fourth quarter of 2020, the Company expects:

This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.

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