Li Auto (LI, Financial) released its financial results for Q3 2024, ending September 30. The company reported total revenue of 42.9 billion yuan, marking a 23.6% year-over-year increase and a 35.3% rise from the previous quarter. Net profit reached 2.8 billion yuan, up 0.3% year-over-year and 56.2% compared to the prior quarter. When calculated under non-GAAP, net profit was 3.9 billion yuan, an 11.1% increase year-over-year and a significant 156.2% increase quarter-over-quarter.
In Q3 2024, Li Auto achieved total vehicle deliveries of 152,831 units, a 45.4% increase from the previous year. As of September 30, 2024, the company operated 479 retail stores across 145 cities within China. It also maintained 436 service centers in 221 cities, along with 894 supercharging stations featuring 4,286 charging piles. By October 18, 2024, Li Auto became the first emerging NEV brand in China to reach a milestone of one million cumulative deliveries.
The company's automotive sales accounted for 41.3 billion yuan, a 22.9% rise from Q3 2023 and a 36.3% increase from Q2 2024. Other sales and service revenues totaled 1.6 billion yuan, up 45.8% from Q3 2023 and a 14.1% increase from Q2 2024.
As of September 30, 2024, Li Auto held 106.5 billion yuan in cash and cash equivalents, restricted cash, term deposits, and short-term and long-term investments. Operating cash flow was reported at 11.0 billion yuan, compared to 14.5 billion yuan in Q3 2023 and 4.294 billion yuan in Q2 2024. Free cash flow stood at 9.1 billion yuan, down from 13.2 billion yuan in Q3 2023 but a turnaround from the negative 1.9 billion yuan reported in Q2 2024.
For Q4 2024, Li Auto projects vehicle deliveries between 160,000 and 170,000 units, representing a year-over-year increase of approximately 21.4% to 29.0%. Total revenue is expected to range from 43.2 billion yuan to 45.9 billion yuan, growing by about 3.5% to 10.0% year-over-year.
