Chinese EV startup Li Auto provides strong guidance for Q1 2023 - PingWest

Chinese EV startup Li Auto provides strong guidance for Q1 2023

Chinese EV startup Li Auto provides strong guidance for Q1 2023

9 hours ago

Chinese electric vehicle startup Li Auto today announced financial results for the fourth quarter and full year ended December 31, 2022.

Total revenues for the fourth quarter of 2022 were 17.65 billion yuan ($2.56 billion), an increase of 66.2% year-over-year. 

Net income for the quarter came in at 265.3 million yuan ($38.5 million), a decrease of 10.2% year-over-year.

For 2022, total revenue reached 45.29 billion yuan ($6.57 billion), a rise of 67.7% year-over-year

Gross profit reached 8.79 billion yuan ($1.27 billion) in 2022, up 52.6% from 5.76 billion yuan during the same period in 2021.

Net loss widened to 2.03 billion yuan ($294.7 million) in 2022, compared to a net loss of 321.5 million yuan during the same period in 2021.

Li Auto delivered 46,319 vehicles in the fourth quarter, up 31.5% from a year earlier, and for the full year it delivered 133,246 vehicles, up 47.2% from 90,491 in 2021.  As of December 31, 2022, the company had 288 retail stores covering 121 cities.

For the first quarter of 2023, the Beijing-based company gave strong guidance, expecting vehicle deliveries to be in the range of 52,000 to 55,000 units, up 64.0% to 73.4% year-over-year. Total revenue will be between 17.45 billion yuan ($2.53 billion) and 18.45 billion yuan ($2.68 billion), up 82.5% to 93.0% from the year-ago quarter.

Global demand for electric vehicles is weakening amid a gloomy economic outlook. To boost sales, Tesla cut prices on its China-made Model 3 and Model Y cars twice between late October and early January. Other Chinese EV makers such as Xpeng and Aitour also slashed prices to maintain their market share, while Li Auto, which targets the premium electric SUV market, kept prices unchanged.

In early February, the Chinese company, which listed on Nasdaq in 2020, unveiled an extended-range electric sport utility vehicle starting at 319,800 yuan ($46,047.52) with a maximum driving range of 1,315 kilometers (817 miles) to compete with Tesla's Model Y.

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