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Is NIO on Track to Meet its 2025 Vehicle Deliveries Target?
ZACKS· 2025-07-02 14:10
Core Insights - NIO Inc. reported a total of 24,925 vehicle deliveries in June, marking a year-over-year growth of 17.5%. For Q2, the company delivered 72,056 vehicles, which is a 25.6% increase compared to the same quarter last year and within the company's guidance range [1][9]. Delivery Performance - In Q2, NIO's namesake brand sold 47,132 cars, reflecting an approximate decline of 18% from the same quarter in 2024. The ONVO brand delivered 17,081 units, while Firefly delivered 7,843 units [2]. - The ONVO and Firefly brands have diversified NIO's product portfolio, contributing to sales momentum, but this growth appears to be at the expense of the core NIO brand [3]. Year-to-Date Performance - In the first half of 2025, NIO sold 114,150 vehicles, representing an increase of over 30% from the previous year. However, this growth is insufficient to meet the company's ambitious target of doubling sales to 330,000 vehicles in 2025 [4][5]. Competitive Landscape - Li Auto delivered 36,279 units in June and 111,074 vehicles in Q2 2025, with a modest growth rate of 2.3%. XPeng Inc. delivered 34,611 smart EVs in June, achieving a remarkable 224% year-over-year increase and setting a new quarterly record with 103,181 cars sold in Q2 [6][7]. Stock Performance - NIO's shares have declined approximately 19% year-to-date, compared to an 8% decline in the broader industry [8]. Valuation Metrics - NIO currently trades at a forward price-to-sales ratio of 0.45 and holds a Value Score of D, indicating potential concerns regarding its valuation [10].
Li Auto Inc. June 2025 Delivery Update
Globenewswire· 2025-07-01 09:00
Company Performance - Li Auto delivered 36,279 vehicles in June 2025, bringing second-quarter deliveries to 111,074 and cumulative deliveries to 1,337,810 as of June 30, 2025 [1][2] Market Position - Li Auto maintained its position as China's best-selling domestic automotive brand in the RMB200,000 and above mid-to-high-end market for two consecutive years [2] - The recently launched Li MEGA Home exceeded sales expectations, becoming the top seller among MPVs priced above RMB500,000 [2] Product Lineup and Future Plans - Upcoming launches include the six-seat battery electric family SUV Li i8 in July and the five-seat battery electric family SUV Li i6 in September, expanding the product lineup to four extended-range electric SUVs, one flagship MPV, and two high-voltage battery electric SUVs [2] - The company is upgrading its sales system to enhance operational efficiency across all vehicle models [2] Retail and Service Network - As of June 30, 2025, the company had 530 retail stores in 151 cities, 511 servicing centers, and authorized body and paint shops in 222 cities [3] - The company operates 2,851 supercharging stations with 15,655 charging stalls in China [3] Company Mission and Vision - Li Auto's mission is to create a mobile home and happiness, focusing on innovations in product, technology, and business model to provide safe, convenient, and comfortable products and services [4] - The company aims to build emotional connections with users through sponsorships in art and sports, enhancing brand value [3]
Must-Watch EV and AV Stocks to Supercharge Your Portfolio
ZACKS· 2025-06-26 14:56
Industry Overview - Global electric vehicle (EV) sales are projected to reach nearly 22 million in 2025, marking a 25% increase from the previous year, with one in four cars sold being fully electric or plug-in hybrids [2] - China is expected to account for nearly two-thirds of all EV sales, while Europe and the United States are increasing their offerings of affordable models as battery prices decline [2][3] - The autonomous vehicle (AV) market is anticipated to grow from approximately $36 billion in 2025 to over $83 billion by 2035, reflecting an 8.7% compound annual growth rate (CAGR) [4] Company Insights: Luminar Technologies - Luminar Technologies focuses on LiDAR technology, transitioning from its older Iris system to a new unified platform called Halo, which promises faster deployment and lower costs [7][10] - The company has secured partnerships with several original equipment manufacturers (OEMs) for testing Halo prototypes, with a full launch expected by late 2026 or early 2027 [8][10] - Luminar's LiDAR technology is already featured in Volvo vehicles and is expanding into industrial markets through a partnership with Caterpillar [9][10] Company Insights: Li Auto - Li Auto has gained traction in China's EV market with its extended-range electric vehicles (EREVs), selling over 200,000 units of each L-series model [12][13] - The company is expanding into pure battery electric vehicles (BEVs) and plans to increase its retail presence and supercharging stations significantly by the end of 2025 [14] - Li Auto is advancing in autonomous driving technology, utilizing NVIDIA chips and training AI models on extensive video data [15][16] Company Insights: Rivian Automotive - Rivian is set to launch a more affordable electric SUV, the R2, priced around $45,000, which aims to broaden its market reach [17] - The company achieved a positive gross margin in Q1 2025, unlocking a $1 billion investment from Volkswagen, which plans to invest up to $5.8 billion by 2027 [18] - Rivian is enhancing its operational efficiency through engineering improvements and supply chain fixes, while expanding its production capacity with new facilities [20][21]
Li Auto Sends 5-Seat Electric SUV i6 for Regulatory Approval
ZACKS· 2025-06-24 15:46
Core Insights - Li Auto has submitted its second fully electric SUV, the Li i6, for regulatory approval in China, with an official launch expected in about three months [1] - The Li i6 is listed in the latest catalog of new models by China's Ministry of Industry and Information Technology, which is open for public feedback [1] Vehicle Specifications - The Li i6 appears in three versions: dual-motor variant (150 kW front motor and 250 kW rear motor) and two single-motor variants with a peak output of 250 kW [2] - All versions share similar dimensions: 4,950 mm in length, 1,935 mm in width, 1,655-1,670 mm in height, and a 3,000 mm wheelbase [2] Production and Performance - Production of the Li i6 will occur at Li Auto's facilities in Beijing and Changzhou, with a curb weight ranging from 2,380 kg to 2,515 kg [3] - The vehicle can reach speeds up to 180 km/h and will be powered by lithium-iron phosphate batteries sourced from CATL and Sunwoda [3] Market Positioning - The Li i6 is designed as a roomy two-row, five-seat electric SUV, targeting families considering premium models like the Mercedes-Benz GLC, BMW X3, or Audi Q5 [4] - The official release is slated for September, with images of the SUV's exterior shared on Weibo by Li Xiang, the founder and CEO of Li Auto [4] Company Background - Li Auto is recognized for its extended-range electric vehicles, including the Li L6, L7, L8, and L9, and recently launched its first battery electric vehicle, the Li Mega MPV, on March 1, 2024 [5] - The company is also preparing to launch the Li i8, its first pure electric SUV, later in July [5]
LI AUTO(2015.HK):BRIGHTER PROSPECTS OF UPCOMING I-SERIES BEV TO DRIVE STOCK RERATING
Ge Long Hui· 2025-05-31 01:57
Core Viewpoint - Li Auto's revenue showed a slight increase of 1.1% YoY in 1Q25, while non-GAAP net income decreased to RMB1.0 billion, indicating a mixed performance amidst a challenging market environment [1][3] Financial Performance - In 1Q25, vehicle sales increased by 2% YoY to RMB24.7 billion, but the average selling price (ASP) fell to RMB266,000 due to a higher mix of lower-priced L6 models and cash promotions [1] - Non-GAAP earnings per unit decreased to RMB11,000, reflecting a decline from RMB1.3 billion in 1Q24, attributed to a high base from last year's investment income [3] - Vehicle margin improved to 19.8% in 1Q25, slightly above the previous quarter, but is expected to stabilize around 19% in 2Q25 due to various factors affecting sales mix and pricing [2] Sales Guidance and Market Outlook - The company guided for 2Q25 deliveries of 125,000 to 128,000 units, with expectations of monthly sales returning to 50,000 units by June [1][4] - MEGA HOME Family Edition has gained significant traction, accounting for approximately 90% of MEGA's order backlog, leading to an anticipated monthly sales increase to 2,500-3,000 units by July [4] - The management indicated that the full range of new models could support annual revenue scaling up to RMB300 billion, implying a potential sales volume of 1.2 million units [4] Strategic Initiatives - Li Auto plans to expand into international markets, focusing on pan-Asia and Europe, with a long-term goal of achieving 30% of annual sales from overseas [5][6] - The company is set to launch new pure electric SUVs, Li i8 and Li i6, in July and September, respectively, as part of its strategy to diversify its product offerings beyond SUVs [4] Valuation and Market Position - Current valuations for Li Auto's ADRs are at 18.6x 2025E P/S and 13.6x 2026E P/E, which are below the industry average, indicating potential upside as market expectations for the i-series models are low [8] - The ongoing new product cycle is expected to drive sales growth and stock re-rating, with a revised target price of US$41.00/HK$160.00 based on a 20x 2026E P/E [9]
Comparing XPeng and Li Auto: Which Chinese EV Stock Wins Out?
ZACKS· 2025-04-28 12:25
Core Viewpoint - XPeng and Li Auto are prominent players in China's new-energy vehicle (NEV) market, each with distinct strategies and growth trajectories, making them worthy of comparison for investment prospects [1][2]. Group 1: XPeng Overview - XPeng delivered a record 94,008 vehicles in Q1 2025, marking a 331% year-over-year increase, driven by the success of the Mona M03 [3]. - Revenue for XPeng is projected to increase by 92% in 2025, with earnings expected to rise by 65% [3][4]. - Vehicle margins improved to 10% in Q4 2024 from 4.1% a year ago, with gross profit soaring to RMB 5.8 billion in 2024 from RMB 451 million in 2023 [5]. - XPeng's innovations in AI and autonomous driving, including the AI Hawkeye Visual Solution and smart driving tech, differentiate it from competitors [6]. - XPeng trades at a forward sales multiple of 1.52, which is higher than Li Auto's 0.92, raising concerns about valuation after a 148% stock rally [7]. Group 2: Li Auto Overview - Li Auto delivered over 500,000 vehicles in 2024, a 33% increase from 2023, and achieved a net income of $1.5 billion [10]. - Total revenues for Li Auto in 2024 reached $19.8 billion, with a vehicle margin of 19.8%, indicating stronger pricing power compared to XPeng [11]. - Li Auto has $9 billion in cash and manageable debt, allowing for aggressive R&D and international expansion [11]. - The company plans to launch several battery electric vehicle (BEV) models in the next 12-18 months, including the Li MEGA minivan and new SUVs [12]. - Li Auto's gross margins decreased from 23.5% to 20.3% year-over-year due to pricing pressures [13]. Group 3: Comparative Analysis - XPeng is noted for its rapid growth and technological innovations, while Li Auto excels in profitability and cash flow strength [16]. - Both companies currently hold a Zacks Rank 3 (Hold), indicating a cautious investment stance [17]. - If investors prioritize growth and technological leadership, XPeng may be the preferred choice at this stage [17].
LI AUTO(LI) - 2024 Q4 - Earnings Call Transcript
2025-03-14 15:34
Financial Data and Key Metrics Changes - In Q4 2024, total revenues reached RMB 44.3 billion (approximately US$ 6.1 billion), up 6.1% year-over-year and 3.3% quarter-over-quarter [27] - Full year total revenues amounted to RMB 144.5 billion [11] - Gross profit in Q4 was RMB 9 billion (approximately US$ 1.2 billion), down 8.3% year-over-year and 2.8% quarter-over-quarter [28] - Net income in Q4 was RMB 3.5 billion (approximately US$ 484 million), down 38.6% year-over-year but up 25.3% quarter-over-quarter [32] - Cash on hand reached RMB 112.8 billion (approximately US$ 15.5 billion) as of December 31, 2024 [33] Business Line Data and Key Metrics Changes - Vehicle sales in Q4 contributed RMB 42.6 billion (approximately US$ 5.8 billion), up 5.6% year-over-year and 3.2% quarter-over-quarter [27] - Vehicle margin in Q4 was 19.7%, compared to 22.7% in the same period last year [28] - R&D expenses in Q4 were RMB 2.4 billion (approximately US$ 329.9 million), down 31% year-over-year [29] Market Data and Key Metrics Changes - China's NEV penetration rate reached 45.9% for the full year 2024, up 12 percentage points year-over-year [9] - Li Auto achieved a market share of 15.3% in the RMB 200,000 and above NEV market for the full year [9] Company Strategy and Development Direction - The company plans to launch two pure electric SUVs in 2025, the Li i8 in July and the Li i6 in the second half of the year [39] - Focus on enhancing R&D investments, particularly in autonomous driving and artificial intelligence, with R&D investments exceeding RMB 11 billion in 2024 [13] - Expansion of the supercharging network, aiming for 2,500 stations by the launch of Li i8 and 4,000 by the end of 2025 [19] Management's Comments on Operating Environment and Future Outlook - Management expects continued growth in 2024, with vehicle deliveries projected between 88,000 and 93,000 in Q1 [12][35] - The company anticipates a year-over-year decrease in total revenue for Q1 2025, reflecting current market conditions [35] - Management believes that competition will shift from growth to market share, emphasizing the importance of brand recognition [66] Other Important Information - The company operates the largest highway supercharging network in China, with over 1,900 stations and plans for significant expansion [17] - Li MEGA, a luxury pure-electric MPV, has been a top seller in its segment, with expected annual sales between 10,000 and 15,000 units [81] Q&A Session Summary Question: What is the latest launch timing and highlights of new BEV models? - The company plans to launch the Li i8 in July and the Li i6 in the second half of 2025, focusing on user experience and delivery [39] Question: How does the company view sales growth against competition? - The strategy includes product upgrades, expanding the sales network, and enhancing marketing practices, with confidence in overall sales growth [46][51] Question: What is the expected gross margin for Q1? - The Q1 vehicle gross margin is expected to be around 19% due to seasonal factors and sales promotions [75] Question: What is the long-term plan for internationalization? - The company is committed to expanding overseas markets, with established service centers in Kazakhstan, Uzbekistan, and UAE, and plans for further growth in 2025 [86]