Core Viewpoint - Li Auto Inc. reported its financial results for the first quarter of 2025, highlighting a year-over-year increase in vehicle deliveries and total revenues, despite a significant decline compared to the previous quarter. Financial Highlights - Total revenues reached RMB25.9 billion (US$3.6 billion), a 1.1% increase from RMB25.6 billion in Q1 2024, but a 41.4% decrease from RMB44.3 billion in Q4 2024 [4][12][23] - Vehicle sales amounted to RMB24.7 billion (US$3.4 billion), reflecting a 1.8% increase from RMB24.3 billion in Q1 2024, and a 42.1% decrease from RMB42.6 billion in Q4 2024 [4][12][23] - Gross profit was RMB5.3 billion (US$732.9 million), a slight increase of 0.6% from RMB5.3 billion in Q1 2024, but down 40.7% from RMB9.0 billion in Q4 2024 [4][12][23] - Net income was RMB646.6 million (US$89.1 million), up 9.4% from RMB591.1 million in Q1 2024, but down 81.7% from RMB3.5 billion in Q4 2024 [4][12][23] Operational Highlights - The company delivered 92,864 vehicles in Q1 2025, marking a 15.5% year-over-year increase [2][4] - As of March 31, 2025, Li Auto operated 500 retail stores in 150 cities, 502 servicing centers, and 2,045 supercharging stations with 11,038 charging stalls [3][4] Recent Developments - In April 2025, the company delivered 33,939 vehicles, representing a 31.6% increase from April 2024 [6] - The company launched new models including Li MEGA Home, which features advanced seating and assisted driving systems [8] - Li Auto became the first automaker to open-source its smart vehicle operating system, Li Halo OS, to encourage collaboration in the industry [9] Business Outlook - For Q2 2025, the company expects vehicle deliveries between 123,000 and 128,000, indicating a year-over-year increase of 13.3% to 17.9% [21][23] - Total revenues are projected to be between RMB32.5 billion (US$4.5 billion) and RMB33.8 billion (US$4.7 billion), reflecting a year-over-year increase of 2.5% to 6.7% [21][23]

Delivery Results - NIO delivered 23,900 vehicles in April 2025, reflecting a 53% year-over-year growth, with cumulative deliveries reaching 737,558 units as of April 30, 2025 [2] - XPeng reported 35,045 smart EV deliveries in April 2025, marking a 273% year-over-year increase, and cumulative deliveries for the first four months of 2025 totaled 129,053 units, up 313% compared to the same period last year [3] - LI Auto delivered 33,939 vehicles in April 2025, representing a 31.6% year-over-year growth, with total deliveries for the first four months of 2025 amounting to 1,260,675 units [5] Product Launches and Innovations - NIO's new small smart high-end electric car brand, Firefly, began deliveries in late April 2025, launched on April 19, 2025 [2] - XPeng launched its ADAS insurance service in China on April 28, 2025, providing additional coverage for its models when the NGP system is in operation [4] - LI Auto introduced new models including Li MEGA Home, Li MEGA Ultra, and Li L6 [5] Market Performance - XPeng's shares have increased by 106.1% over the past year, while NIO and LI Auto's shares have decreased by 29.4% and 12.3%, respectively [6] - NIO and XPeng currently hold a Zacks Rank of 3 (Hold), while LI Auto has a Zacks Rank of 4 (Sell) [8]

Core Insights - Li Auto Inc. delivered 36,674 vehicles in March 2025, marking a year-over-year increase of 26.5%, with first-quarter deliveries totaling 92,864, up 15.5% year-over-year [1][2] - The company has maintained its position as the sales leader among Chinese automotive brands in the RMB200,000 and above NEV market for twelve consecutive months [2] - Li Auto's cumulative deliveries reached 1,226,736 as of March 31, 2025 [1] Company Developments - The Li L series is a key contributor to the company's profitability and is on track to deliver its 1,000,000th vehicle soon [2] - The new Li MEGA Ultra, featuring upgraded autonomous driving configurations, is open for reservations, with further updates expected at Auto Shanghai 2025 [2] - Li Auto became the world's first automaker to commit to open-sourcing its proprietary OS for smart vehicles, Li Halo OS [2] Infrastructure and Retail Expansion - As of March 31, 2025, the company operated 500 retail stores in 150 cities, 502 servicing centers, and authorized body and paint shops in 225 cities [3] - The company has 2,045 supercharging stations with 11,038 charging stalls in operation across China [3] Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles [4] - The company aims to create safe, convenient, and comfortable products and services through innovations in product, technology, and business model [4] - Li Auto has successfully commercialized extended-range electric vehicles in China while also developing battery electric vehicle platforms [4]