2023-05-10 09:00Financial Performance - Total revenue for Q1 2023 reached RMB 18.79 billion (USD 2.74 billion), a 96.5% increase compared to RMB 9.56 billion in Q1 2022[5] - Vehicle deliveries in Q1 2023 amounted to 52,584 units, representing a year-on-year growth of 65.8%[4] - Vehicle sales revenue for Q1 2023 was RMB 18.33 billion (USD 2.67 billion), up 96.9% from RMB 9.31 billion in Q1 2022[5] - Gross profit for Q1 2023 was RMB 3.83 billion (USD 557.7 million), a 77.0% increase from RMB 2.16 billion in Q1 2022[5] - Operating profit for Q1 2023 was RMB 405.2 million (USD 59.0 million), compared to an operating loss of RMB 413.1 million in Q1 2022[6] - Net profit for Q1 2023 was RMB 933.8 million (USD 136.0 million), a significant increase from a net loss of RMB 10.9 million in Q1 2022[6] - Cash generated from operating activities for Q1 2023 was RMB 7.78 billion (USD 1.13 billion), up 324.3% from RMB 1.83 billion in Q1 2022[6] - Free cash flow for Q1 2023 was RMB 6.70 billion (USD 975.9 million), compared to RMB 502.0 million in Q1 2022, marking a 105.8% increase[6] Operational Metrics - As of March 31, 2023, the company operated 299 retail centers across 123 cities and 318 after-sales service centers in 223 cities[4] - The vehicle gross margin for Q1 2023 was 19.8%, down from 22.4% in Q1 2022[5] - The company delivered 25,681 vehicles in April 2023, representing a 516.3% increase compared to April 2022[9] - The company has 302 retail centers covering 123 cities and operates 318 after-sales service centers in 222 cities as of April 30, 2023[9] Future Projections - The company expects vehicle deliveries in Q2 2023 to be between 76,000 and 81,000 units, representing a growth of 164.9% to 182.4% compared to Q2 2022[23] - Total revenue for Q2 2023 is projected to be between RMB 24.22 billion (USD 3.53 billion) and RMB 25.86 billion (USD 3.77 billion), reflecting a growth of 177.4% to 196.1% compared to Q2 2022[23] Research and Development - R&D expenses in Q1 2023 were RMB 1.85 billion (USD 269.7 million), a 34.8% increase from RMB 1.37 billion in Q1 2022, and a 10.5% decrease from RMB 2.07 billion in Q4 2022[19] - Li Auto's research and development is primarily focused on its unique range-extended system and next-generation electric vehicle technology[28] - The company aims to launch the city NOA feature for its self-developed Li Auto AD Max 3.0 in beta testing by Q2 2023[10] Cash and Liquidity - As of March 31, 2023, cash and cash equivalents totaled RMB 65.0 billion (USD 9.46 billion)[22] - Cash and cash equivalents as of March 31, 2023, were RMB 43,624,822 thousand, an increase from RMB 38,478,016 thousand as of December 31, 2022, representing a growth of 13.5%[32] - The company reported a significant increase in cash and cash equivalents, totaling RMB 45,284,709 as of March 31, 2023, compared to RMB 34,716,572 at the end of the previous quarter[34] Company Strategy and Vision - Li Auto is a leader in the Chinese new energy vehicle market, focusing on the design, research, manufacturing, and sales of luxury smart electric vehicles[28] - The company aims to expand its product line by launching more pure electric and range-extended electric vehicles to broaden its user base[28] - The company emphasizes innovation in products, technology, and business models to provide safe, convenient, and comfortable services for family users[28] - Li Auto's mission is to "create a mobile home and create a happy home" through technological advancements[28] Financial Metrics and Analysis - The company uses non-GAAP financial metrics to assess operational performance and aid in financial and operational decision-making[27] - Non-GAAP financial metrics help identify fundamental business trends and enhance understanding of past performance and future prospects[27] - Investors are encouraged to review comprehensive financial data rather than relying solely on individual financial metrics[27] - The company acknowledges inherent risks and uncertainties that may cause actual results to differ significantly from forward-looking statements[29]