2024-08-28 09:02Financial Performance - Total revenues for the second quarter of 2024 reached RMB31.7 billion (US$4.4 billion), representing a 10.6% year-over-year increase[15]. - Quarterly deliveries were 108,581 vehicles, marking a 25.5% increase compared to the same quarter last year[1]. - Vehicle sales amounted to RMB30.3 billion (US$4.2 billion), an 8.4% increase from RMB28.0 billion in Q2 2023 and a 25.0% increase from RMB24.3 billion in Q1 2024[16]. - Net income for the second quarter was RMB1.1 billion (US$151.5 million), a decrease of 52.3% from RMB2.3 billion in Q2 2023, but an increase of 86.2% from RMB591.1 million in Q1 2024[6]. - Total revenues for the three months ended June 30, 2024, reached RMB 31,678,396, representing a 10.5% increase from RMB 28,652,727 in the previous quarter[42]. - Vehicle sales accounted for RMB 30,319,728, a 10.5% increase compared to RMB 27,971,944 in the previous quarter[42]. - Net income attributable to ordinary shareholders was RMB 2,293,153, compared to RMB 592,558 in the previous quarter, marking a significant increase[42]. - For the three months ended June 30, 2024, Li Auto Inc. reported a net income of RMB 2,310,098 thousand, compared to RMB 591,126 thousand for the same period in 2023, reflecting significant growth[48]. - Non-GAAP net income attributable to ordinary shareholders for the three months ended June 30, 2024, was RMB 2,710,594 thousand, up from RMB 1,277,785 thousand in the previous year[48]. Profitability Metrics - Gross profit was RMB6.2 billion (US$850.0 million), a slight decrease of 0.9% from RMB6.2 billion in Q2 2023, but an increase of 16.9% from RMB5.3 billion in Q1 2024[18]. - Vehicle margin was 18.7% in Q2 2024, down from 21.0% in Q2 2023 and 19.3% in Q1 2024, primarily due to product mix and pricing strategy changes[19]. - Gross margin decreased to 19.5% in Q2 2024 from 21.8% in Q2 2023 and 20.6% in Q1 2024, mainly due to the decline in vehicle margin[19]. - Income from operations was RMB468.0 million (US$64.4 million) in Q2 2024, a decrease of 71.2% from RMB1.6 billion in Q2 2023, but an improvement from a loss of RMB584.9 million in Q1 2024[23]. - Non-GAAP income from operations for the three months ended June 30, 2024, was RMB 2,043,311 thousand, compared to RMB 100,325 thousand in the previous year, showing a substantial increase[48]. Expenses - Operating expenses increased by 23.9% year-over-year to RMB5.7 billion (US$785.6 million) in Q2 2024[4]. - Operating expenses increased by 23.9% to RMB5.7 billion (US$785.6 million) in Q2 2024 compared to RMB4.6 billion in Q2 2023, but decreased by 2.7% from RMB5.9 billion in Q1 2024[20]. - Research and development expenses rose by 24.8% to RMB3.0 billion (US$416.6 million) in Q2 2024 from RMB2.4 billion in Q2 2023, while remaining flat compared to Q1 2024[21]. - Selling, general and administrative expenses for the three months ended June 30, 2024, were RMB 2,815,105 thousand, compared to RMB 2,309,210 thousand in the previous year, marking an increase of around 21.9%[48]. - The company’s share-based compensation expenses for the three months ended June 30, 2024, were RMB 685,227 thousand, compared to RMB 417,441 thousand for the same period in 2023, indicating an increase of approximately 64.2%[48]. Cash Flow and Position - Free cash flow was negative RMB1.9 billion (US$254.9 million) in Q2 2024, compared to RMB9.6 billion in Q2 2023[7]. - Cash position was RMB97.3 billion (US$13.4 billion) as of June 30, 2024[26]. - Free cash flow (non-GAAP) for the three months ended June 30, 2024, was negative RMB 1,852,729, compared to positive RMB 9,621,366 in the same period last year[46]. - The company reported a net cash used in operating activities of RMB 429,397 for the three months ended June 30, 2024[46]. Future Projections - The company expects vehicle deliveries in Q3 2024 to be between 145,000 and 155,000, an increase of 38.0% to 47.5% from Q3 2023[29]. - Total revenues for Q3 2024 are projected to be between RMB39.4 billion (US$5.4 billion) and RMB42.2 billion (US$5.8 billion), reflecting an increase of 13.7% to 21.6% from Q3 2023[29]. Operational Metrics - As of June 30, 2024, the company operated 497 retail stores in 148 cities and 614 supercharging stations with 2,726 charging stalls[2]. - In July 2024, the company delivered 51,000 vehicles, representing a 49.4% increase from July 2023[10]. Technological Developments - The company launched OTA updates 6.0 and 6.1, enhancing autonomous driving features and introducing a new technological architecture for autonomous driving[11]. Balance Sheet - Total assets increased to RMB 145,110,199 as of June 30, 2024, from RMB 143,467,471 as of December 31, 2023[44]. - Total liabilities decreased slightly to RMB 81,796,324 as of June 30, 2024, from RMB 82,892,249 in the previous quarter[44].