LI AUTO(US:LI) Xin Lang Ke Ji·2025-06-04 00:20Core Viewpoint - The three major new energy vehicle manufacturers, NIO, Xpeng, and Li Auto, reported their Q1 financial results, highlighting Li Auto's decline in performance despite achieving ten consecutive quarters of profitability, while NIO and Xpeng continue to face losses with a goal to achieve profitability by Q4 of this year [1][14]. Financial Performance - Li Auto's total revenue for Q1 was 25.9 billion yuan, a year-on-year increase of 1.1% but a quarter-on-quarter decline of 41.4% [3][8]. - The adjusted net profit for Li Auto was 646.6 million yuan, a year-on-year increase of 9.4% but a quarter-on-quarter decline of 81.7% [3]. - Li Auto's average selling price per vehicle in Q1 was 278,900 yuan, down nearly 40,000 yuan compared to 318,400 yuan in Q1 2024 [8][9]. Sales Performance - Li Auto delivered 92,864 vehicles in Q1, a year-on-year increase of 15.5%, but the growth rate has slowed compared to previous quarters [5][7]. - In Q1, Li Auto's delivery volume was slightly lower than Xpeng's 94,008 vehicles, placing it second among new energy vehicle manufacturers [7]. - The sales growth of Li Auto has been outpaced by competitors, with Leap Motor taking the lead in monthly sales in April and May [7]. Market Strategy and Future Outlook - Li Auto has adjusted its sales target for 2025 from 700,000 units to 640,000 units, with a significant increase in the target for pure electric models from 50,000 to 120,000 units [10][12]. - The company plans to launch new pure electric models, i8 and i6, in July and September, respectively, which are crucial for future sales performance [12]. - Li Auto's strategy includes expanding its market presence in lower-tier cities through the "Hundred Cities Star Plan," aiming to add over 100,000 units in market volume by 2026 [12]. Competitive Landscape - NIO and Xpeng are also striving for profitability, with Xpeng reporting a revenue of 15.81 billion yuan in Q1, a year-on-year increase of 141.5%, and a reduced net loss of 660 million yuan [13]. - NIO's Q1 revenue was 12.0347 billion yuan, a year-on-year increase of 21.5%, but it reported a net loss of 6.75 billion yuan, which is a 30.2% increase in losses year-on-year [14]. - The competitive dynamics are shifting as Li Auto focuses more on pure electric vehicles while Xpeng is entering the extended-range market, indicating a convergence of strategies among the three companies [14].