Core Insights - China's electric vehicle (EV) manufacturers, including Nio, Li Auto, and XPeng, reported record deliveries in October, indicating strong demand and competitive growth in the EV market [1] Nio - Nio achieved a record delivery of 40,397 vehicles in October, marking a 92.6% increase year over year [2] - Cumulative deliveries reached 913,182 vehicles by October 31, with the ONVO L90 model being a significant contributor, surpassing 10,000 units for three consecutive months [3] - Nio's stock has increased over 42% in the past year [4] Li Auto - Li Auto reported 31,767 deliveries in October, bringing total lifetime deliveries to 1,462,788 vehicles [5] - The Li i6 model has received over 70,000 orders since its launch, with efforts to ramp up deliveries to meet demand [5] - Li Auto opened its first authorized store in Uzbekistan and plans to expand into Kazakhstan, focusing on growth in Central Asia, the Middle East, Europe, and the Asia-Pacific [5][6] - Li Auto operates 551 retail locations and 3,508 fast-charging stations across China, but its stock has decreased over 16% in the past year [6] XPeng - XPeng recorded 42,013 deliveries in October, a 76% increase year over year, marking the second consecutive month with deliveries above 40,000 [7][8] - Total shipments for the first ten months of 2025 reached 355,209 units, reflecting a 190% year-over-year increase [8] - XPeng is expanding its global presence, entering seven new markets in Europe, Asia, and Africa, and reported strong usage of its advanced driver-assistance system, XNGP [8] - XPeng's stock has surged over 103% in the past year, and the company is set to host its annual AI Day on November 5 to discuss advancements in autonomous technology [9]

Core Insights - Li Auto reported first-quarter 2025 earnings per share (EPS) of 13 cents, a decrease from 17 cents in the prior-year quarter, while revenues increased to $3.57 billion from $3.55 million, driven by a 15.5% year-over-year increase in vehicle deliveries [1][2] Financial Performance - Total vehicle deliveries in Q1 2025 reached 92,864 units, with vehicle sales amounting to $3.4 billion, unchanged from the previous year [2][3] - Vehicle margin improved to 19.8% from 19.3% year-over-year, contributing to a gross profit of $732.9 million, which remained flat year-over-year, and a gross margin of 20.5% compared to 20.6% in the prior-year quarter [3] - Operating expenses decreased by 14.4% to $695.5 million, resulting in an income from operations of $37.4 million, a turnaround from an operating loss of $81 million in the same period last year, with an operating margin of 1% compared to negative 2.3% previously [4] - Non-GAAP net income for the quarter was $139.8 million, down 20.9% year-over-year [4] - Net cash provided by operating activities was $234.4 million, a significant decrease of 49.4% from the previous year, while free cash flow improved to negative $348.7 million from negative $700.1 million [5] Cash Position and Debt - As of March 31, 2025, Li Auto had cash and cash equivalents of $687 million, down from $724 million a year earlier, with long-term borrowings increasing to $1.12 billion from $249.7 million [5] Future Outlook - For Q2 2025, Li Auto anticipates vehicle deliveries between 123,000 and 128,000, indicating year-over-year growth of 13.3% to 17.9%, with expected total revenues between $4.5 billion and $4.7 billion, reflecting a year-over-year increase of 2.2% to 6.8% [6] - The company plans to launch the i8 model in July and the i6 model in September [6]

Core Viewpoint - Li Auto reported a decline in earnings per share (EPS) for Q4 2024, despite an increase in revenues driven by higher vehicle deliveries Financial Performance - Q4 2024 EPS was 52 cents, down from 60 cents in the prior-year quarter [1] - Revenues increased to $6.1 billion from $5.9 billion year-over-year, primarily due to a 20.4% increase in vehicle deliveries [1][2] - Vehicle sales amounted to $5.8 billion, reflecting a 5.6% year-over-year increase [3] - Gross profit for Q4 was $1.2 billion, down 8.3% year-over-year, with a gross margin of 20.3%, compared to 23.5% in the prior-year quarter [3] Operating Metrics - Operating expenses decreased by 22% to $721.6 million [4] - Income from operations rose by 22% year-over-year to $507.4 million, with an operating margin of 8.4% [4] - Non-GAAP net income for the quarter was $553.4 million, down 12% year-over-year [4] Cash Flow and Financial Position - Net cash provided by operating activities was $1.2 billion, a significant decrease of 49.8% from the previous year [5] - Free cash flow fell 58.6% to $830.1 million [5] - As of December 31, 2024, cash and cash equivalents were $9.03 billion, down from $12.86 billion a year earlier [5] - Long-term borrowings increased to $1.12 billion from $246 million year-over-year [5] Q1 2025 Outlook - For Q1 2025, Li Auto expects vehicle deliveries between 88,000 and 93,000, indicating year-over-year growth of 9.5% to 15.7% [6] - Total revenues are projected to be between $3.2 billion and $3.4 billion, suggesting a year-over-year decrease of 8.7% to 3.5% [6]