Strong Financial Performance: Li Auto reported total revenues of RMB 144.5 billion (approximately US$20 billion) for FY 2024, achieving a 6.1% year-over-year increase in Q4 revenues to RMB 44.3 billion (US$6.1 billion). Vehicle sales contributed RMB 42.6 billion, reflecting a year-over-year growth of 5.6%. However, net income for Q4 decreased by 38.6% year-over-year to RMB 3.5 billion (US$484 million), primarily due to lower average selling prices and higher costs.
Delivery Milestone: The company delivered over 158,000 vehicles in Q4, setting a new record and surpassing 500,000 total deliveries for the year, marking Li Auto as the first Chinese premium auto brand and emerging NEV brand to reach this milestone. Forecasts for Q1 2025 set vehicle deliveries between 88,000 to 93,000, indicating a modest year-over-year increase of 9.5% to 15.7%.
Investment in R&D and AI: Li Auto has committed over RMB 11 billion to R&D in 2024, focusing on advanced autonomous driving technology and artificial intelligence. The company's autonomous driving system showed significant improvements, driven by upgrades to the AD Max V13, which was evaluated positively in recent press reviews, indicating strong competitive positioning in the market.