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Li Auto Inc. Announces Unaudited First Quarter 2025 Financial Results

May 29, 2025 4:30 AM

Quarterly total revenues reached RMB25.9 billion (US$3.6 billion)1
Quarterly deliveries reached 92,864 vehicles

BEIJING, China, May 29, 2025 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended March 31, 2025.

Operating Highlights for the First Quarter of 2025

2025 Q1 2024 Q4 2024 Q3 2024 Q2
Deliveries 92,864 158,696 152,831 108,581
2024 Q1 2023 Q4 2023 Q3 2023 Q2
Deliveries 80,400 131,805 105,108 86,533

Financial Highlights for the First Quarter of 2025

Key Financial Results

(in millions, except for percentages and per ADS data)
For the Three Months Ended % Change6
March 31,
2024		 December 31,
2024		 March 31,
2025		 YoY QoQ
RMB RMB RMB
Vehicle sales24,251.6 42,643.0 24,678.6 1.8% (42.1)%
Vehicle margin19.3% 19.7% 19.8% 0.5pts 0.1pts
Total revenues25,633.7 44,273.7 25,926.8 1.1% (41.4)%
Gross profit5,284.3 8,970.2 5,318.5 0.6% (40.7)%
Gross margin20.6% 20.3% 20.5% (0.1)pts 0.2pts
Operating expenses(5,869.2) (5,266.9) (5,046.8) (14.0)% (4.2)%
(Loss)/Income from operations(584.9) 3,703.3 271.7 N/A (92.7)%
Operating margin(2.3)% 8.4% 1.0% 3.3pts (7.4)pts
Net income591.1 3,532.7 646.6 9.4% (81.7)%
Non-GAAP net income1,276.4 4,039.7 1,014.3 (20.5)% (74.9)%
Diluted net earnings per ADS attributable to ordinary shareholders0.56 3.31 0.62 10.7% (81.3)%
Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders1.21 3.79 0.96 (20.7)% (74.7)%
Net cash (used in)/provided by operating activities(3,342.4) 8,680.3 (1,701.0) (49.1)% N/A
Free cash flow (non-GAAP)(5,055.2) 6,059.3 (2,530.6) (49.9)% N/A

Recent Developments

Delivery Update

Refreshed Product Lineup

Open-Source Automotive Operating System

2024 Environmental, Social and Governance Report

CEO and CFO Comments

Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, “In the first quarter, we maintained our sales leadership position among Chinese automotive brands in the RMB200,000 and above NEV market by consistently delivering products and services with exceptional value for our users. Following the recent refresh of our product lineup, we have seen a robust influx of orders for the new Li L series, demonstrating their compelling product strength. With top-notch configurations, Li MEGA Home is the product that aligns most closely with our mission to ‘Create a Mobile Home, Create Happiness.’ Having garnered widespread market acclaim since its launch, it further reinforced our confidence in our ability to secure a top-tier position within China’s premium BEV market. We also look forward to the July launch of our first battery electric SUV, Li i8, which will further demonstrate our commitment to delivering unparalleled user value. Additionally, our assisted driving solution is evolving rapidly. Our in-house developed VLA Driver as our next-generation ADAS architecture is a Vision-Language-Action large model that integrates spatial, linguistic, and behavioral intelligence to enable seamless vehicle-user interactions. Looking ahead, we will continue to pioneer intelligent technological advancements to refine the user experience.”

Mr. Tie Li, chief financial officer of Li Auto, added, “We delivered solid results in the first quarter, achieving a 15.5% year-over-year increase in vehicle deliveries and total revenues of RMB25.9 billion during what is typically a seasonally slow period for auto sales. Despite product iterations, our gross margin remained healthy at 20.5%, and net income reached RMB646.6 million, up 9.4% year-over-year, thanks to our disciplined cost management and growing economies of scale. Our first-quarter results demonstrate our ability to navigate dynamic market conditions effectively while maintaining strong profitability. Building upon this solid financial foundation, we will continue to drive business growth and create additional user value through relentless innovation while enhancing operating efficiency. Supported by our proven execution capabilities, we are confident that these strategic initiatives will position us for long-term success.”

Financial Results for the First Quarter of 2025

Revenues

Cost of Sales and Gross Margin

Operating Expenses

Income/(Loss) from Operations

Net Income and Net Earnings Per Share

Cash Position, Operating Cash Flow and Free Cash Flow

Business Outlook

For the second quarter of 2025, the Company expects:

This business outlook reflects the Company’s current and preliminary views on its business situation and market conditions, which are subject to change.

Conference Call

Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Thursday, May 29, 2025 (8:00 p.m. Beijing/Hong Kong Time on May 29, 2025) to discuss financial results and answer questions from investors and analysts.

For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10046860-w8fhg.html

A replay of the conference call will be accessible through June 5, 2025, by dialing the following numbers:

United States:+1-855-883-1031
Mainland China:+86-400-1209-216
Hong Kong, China:+852-800-930-639
International:+61-7-3107-6325
Replay PIN:10046860

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.lixiang.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and release of valuation allowance on deferred tax assets, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

About Li Auto Inc.

Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Create a Mobile Home, Create Happiness (创造移动的家, 创造幸福的家). Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes Li MEGA, a high-tech flagship family MPV, Li L9, a six-seat flagship family SUV, Li L8, a six-seat premium family SUV, Li L7, a five-seat flagship family SUV, and Li L6, a five-seat premium family SUV. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: [email protected]

Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: [email protected]

Li Auto Inc.
Unaudited Condensed Consolidated Statements of Comprehensive Income

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
For the Three Months Ended
March 31,
2024		 December 31,
2024		 March 31,
2025		 March 31,
2025
RMB RMB RMB US$
Revenues:
Vehicle sales 24,251,553 42,642,978 24,678,585 3,400,800
Other sales and services 1,382,107 1,630,694 1,248,229 172,011
Total revenues 25,633,660 44,273,672 25,926,814 3,572,811
Cost of sales:
Vehicle sales (19,561,658) (34,252,151) (19,801,927) (2,728,779)
Other sales and services (787,697) (1,051,303) (806,428) (111,129)
Total cost of sales (20,349,355) (35,303,454) (20,608,355) (2,839,908)
Gross profit 5,284,305 8,970,218 5,318,459 732,903
Operating expenses:
Research and development (3,048,886) (2,408,357) (2,513,854) (346,418)
Selling, general and administrative (2,977,585) (3,076,993) (2,531,009) (348,782)
Other operating income/(expense), net 157,264 218,446 (1,942) (268)
Total operating expenses (5,869,207) (5,266,904) (5,046,805) (695,468)
(Loss)/Income from operations (584,902) 3,703,314 271,654 37,435
Other (expense)/income:
Interest expense (28,598) (61,759) (48,220) (6,645)
Interest income and investment income, net 1,068,888 403,021 516,261 71,143
Others, net 220,184 17,128 34,730 4,786
Income before income tax 675,572 4,061,704 774,425 106,719
Income tax expense (84,446) (529,010) (127,780) (17,609)
Net income 591,126 3,532,694 646,645 89,110
Less: Net (loss)/income attributable to noncontrolling interests (1,432) 9,757 (3,679) (507)
Net income attributable to ordinary shareholders of Li Auto Inc. 592,558 3,522,937 650,324 89,617
Net income 591,126 3,532,694 646,645 89,110
Other comprehensive (loss)/income
Foreign currency translation adjustment, net of tax (59,936) 236,903 (69,994) (9,645)
Total other comprehensive (loss)/income (59,936) 236,903 (69,994) (9,645)
Total comprehensive income 531,190 3,769,597 576,651 79,465
Less: Net (loss)/income attributable to noncontrolling interests (1,432) 9,757 (3,679) (507)
Comprehensive income attributable to ordinary shareholders of Li Auto Inc. 532,622 3,759,840 580,330 79,972
Weighted average number of ADSs
Basic 993,308,654 1,000,250,311 1,004,099,494 1,004,099,494
Diluted 1,066,436,872 1,066,897,163 1,069,104,610 1,069,104,610
Net earnings per ADS attributable to ordinary shareholders
Basic 0.60 3.52 0.65 0.09
Diluted 0.56 3.31 0.62 0.08
Weighted average number of ordinary shares
Basic 1,986,617,307 2,000,500,621 2,008,198,987 2,008,198,987
Diluted 2,132,873,744 2,133,794,325 2,138,209,219 2,138,209,219
Net earnings per share attributable to ordinary shareholders
Basic 0.30 1.76 0.32 0.04
Diluted 0.28 1.65 0.31 0.04


Li Auto Inc.
Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)
As of
December 31,
2024		 March 31,
2025		 March 31,
2025
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 65,901,123 53,233,352 7,335,752
Restricted cash 6,849 4,987 687
Time deposits and short-term investments 46,904,548 57,445,104 7,916,147
Trade receivable 135,112 68,538 9,445
Inventories 8,185,604 10,092,980 1,390,850
Prepayments and other current assets 5,176,546 5,329,656 734,446
Total current assets 126,309,782 126,174,617 17,387,327
Non-current assets:
Long-term investments 922,897 821,563 113,214
Property, plant and equipment, net 21,140,933 20,640,105 2,844,283
Operating lease right-of-use assets, net 8,323,963 8,378,789 1,154,628
Intangible assets, net 914,951 928,846 127,998
Goodwill 5,484 5,484 756
Deferred tax assets 2,542,180 2,740,944 377,712
Other non-current assets 2,188,888 2,164,357 298,256
Total non-current assets 36,039,296 35,680,088 4,916,847
Total assets 162,349,078 161,854,705 22,304,174
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings 281,102 231,102 31,847
Trade and notes payable 53,596,194 51,958,831 7,160,118
Amounts due to related parties 11,492 11,003 1,516
Deferred revenue, current 1,396,489 1,322,036 182,181
Operating lease liabilities, current 1,438,092 1,438,517 198,233
Finance lease liabilities, current 95,205 124,881 17,209
Accruals and other current liabilities 12,397,322 12,390,444 1,707,449
Total current liabilities 69,215,896 67,476,814 9,298,553
Non-current liabilities:
Long-term borrowings 8,151,598 8,145,201 1,122,439
Deferred revenue, non-current 720,531 683,475 94,185
Operating lease liabilities, non-current 5,735,738 5,793,176 798,321
Finance lease liabilities, non-current 642,984 622,995 85,851
Deferred tax liabilities 864,999 854,972 117,818
Other non-current liabilities 5,696,950 5,951,991 820,206
Total non-current liabilities 21,812,800 22,051,810 3,038,820
Total liabilities 91,028,696 89,528,624 12,337,373
Total Li Auto Inc. shareholders’ equity 70,874,884 71,824,262 9,897,648
Noncontrolling interests 445,498 501,819 69,153
Total shareholders’ equity 71,320,382 72,326,081 9,966,801
Total liabilities and shareholders’ equity 162,349,078 161,854,705 22,304,174


Li Auto Inc.
Unaudited Condensed Consolidated Statements of Cash Flows

(All amounts in thousands)
For the Three Months Ended
March 31,
2024		 December 31,
2024		 March 31,
2025		 March 31,
2025
RMB RMB RMB US$
Net cash (used in)/provided by operating activities (3,342,386) 8,680,301 (1,700,968) (234,400)
Net cash used in investing activities (3,098,206) (19,987,058) (10,959,789) (1,510,299)
Net cash provided by/(used in) financing activities 185,257 (734,467) 61,406 8,462
Effect of exchange rate changes on cash, cash equivalents and restricted cash 55,813 355,742 (70,282) (9,685)
Net change in cash, cash equivalents and restricted cash (6,199,522) (11,685,482) (12,669,633) (1,745,922)
Cash, cash equivalents and restricted cash at beginning of period 91,329,509 77,593,454 65,907,972 9,082,361
Cash, cash equivalents and restricted cash at end of period 85,129,987 65,907,972 53,238,339 7,336,439
Net cash (used in)/provided by operating activities (3,342,386) 8,680,301 (1,700,968) (234,400)
Capital expenditures (1,712,843) (2,620,969) (829,597) (114,322)
Free cash flow (non-GAAP) (5,055,229) 6,059,332 (2,530,565) (348,722)


Li Auto Inc.
Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
For the Three Months Ended
March 31,
2024		 December 31,
2024		 March 31,
2025		 March 31,
2025
RMB RMB RMB US$
Cost of sales (20,349,355) (35,303,454) (20,608,355) (2,839,908)
Share-based compensation expenses 13,469 10,394 7,196 992
Non-GAAP cost of sales (20,335,886) (35,293,060) (20,601,159) (2,838,916)
Research and development expenses (3,048,886) (2,408,357) (2,513,854) (346,418)
Share-based compensation expenses 433,764 303,047 238,932 32,926
Non-GAAP research and development expenses (2,615,122) (2,105,310) (2,274,922) (313,492)
Selling, general and administrative expenses (2,977,585) (3,076,993) (2,531,009) (348,782)
Share-based compensation expenses 237,994 199,633 121,511 16,745
Non-GAAP selling, general and administrative expenses (2,739,591) (2,877,360) (2,409,498) (332,037)
(Loss)/Income from operations (584,902) 3,703,314 271,654 37,435
Share-based compensation expenses 685,227 513,074 367,639 50,663
Non-GAAP income from operations 100,325 4,216,388 639,293 88,098
Net income 591,126 3,532,694 646,645 89,110
Share-based compensation expenses 685,227 513,074 367,639 50,663
Release of valuation allowance on deferred tax assets — (6,085) — —
Non-GAAP net income8 1,276,353 4,039,683 1,014,284 139,773
Net income attributable to ordinary shareholders of Li Auto Inc. 592,558 3,522,937 650,324 89,617
Share-based compensation expenses 685,227 513,074 367,639 50,663
Release of valuation allowance on deferred tax assets — (6,085) — —
Non-GAAP net income attributable to ordinary shareholders of Li Auto Inc. 1,277,785 4,029,926 1,017,963 140,280
Weighted average number of ADSs
Basic 993,308,654 1,000,250,311 1,004,099,494 1,004,099,494
Diluted 1,066,436,872 1,066,897,163 1,069,104,610 1,069,104,610
Non-GAAP net earnings per ADS attributable to ordinary shareholders
Basic 1.29 4.03 1.01 0.14
Diluted 1.21 3.79 0.96 0.13
Weighted average number of ordinary shares
Basic 1,986,617,307 2,000,500,621 2,008,198,987 2,008,198,987
Diluted 2,132,873,744 2,133,794,325 2,138,209,219 2,138,209,219
Non-GAAP net earnings per share attributable to ordinary shareholders9
Basic 0.64 2.01 0.51 0.07
Diluted 0.60 1.89 0.48 0.07

____________________

1 All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

2 Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.

3 The Company’s non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred tax assets. See “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

4 Each ADS represents two Class A ordinary shares.

5 Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.

6 Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.

7 Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments.

8 Non-GAAP items have no tax impact for all the periods presented.

9 Non-GAAP basic net earnings per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net earnings per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of convertible senior notes as determined under the if-converted method and the dilutive effect of share-based awards as determined under the treasury stock method.


Source: Li Auto Inc.

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