Summary by Futu AI
Li Auto Inc., a leader in China's new energy vehicle market, reported its unaudited financial results for the second quarter of 2024. The company saw a 25.5% year-over-year increase in vehicle deliveries, reaching 108,581 vehicles. Total revenues for the quarter were RMB31.7 billion (US$4.4 billion), marking a 10.6% increase from the same period in 2023. However, net income decreased by 52.3% year-over-year to RMB1.1 billion (US$151.5 million). The company's vehicle margin declined to 18.7% from 21.0% in Q2 2023, and gross margin also saw a decrease to 19.5% from 21.8% in the previous year. Operating expenses rose by 23.9% to RMB5.7 billion (US$785.6 million), while income from operations dropped by 71.2% to RMB468.0 million (US$64.4 million). Li Auto's cash position remained strong at RMB97.3 billion (US$13.4 billion) as of June 30, 2024. The company also provided a positive outlook for Q3 2024, expecting vehicle deliveries between 145,000 and 155,000 and total revenues between RMB39.4 billion (US$5.4 billion) and RMB42.2 billion (US$5.8 billion).