Companies /Consumer Cyclical

Li Auto Inc

NASDAQ: LI Auto Manufacturers
$12.18
â–² $0.04 (+0.33%) today
Markets closed · 3:18am ET

Q4 2024 Earnings

Reported Mar 14, 2025, 8:48am ET · SEC source
$0.52
Miss −81.87%
EPS · est. $2.87
$6.1B
Miss −86.39%
Revenue · est. $44.6B
−10.2%
Trailing market
LI vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%+6%Mar 14Mar 14report 8:48am ETearnings+0.8%−0.5%
−3%0+3%+6%Mar 14Mar 14earnings+0.8%−0.5%
LI −0.5%S&P 500 +0.8%
−3%0+3%+6%Mar 14Mar 14report 8:48am ETearnings+0.9%−0.5%
−3%0+3%+6%Mar 14Mar 14earnings+0.9%−0.5%
LI −0.5%NASDAQ +0.9%
−4%0+4%Mar 13Mar 21report 8:48am ETearnings+1.4%−4.4%
−4%0+4%Mar 13Mar 21earnings+1.4%−4.4%
LI −4.4%S&P 500 +1.4%
−4%0+4%Mar 13Mar 21report 8:48am ETearnings+1.5%−4.4%
−4%0+4%Mar 13Mar 21earnings+1.5%−4.4%
LI −4.4%NASDAQ +1.5%
−4.39%
Day of report
−0.40%
Next session
−3.86%
One week
−14.64%
30 days

S&P 500 over the same 30 days: −4.48%.

Did LI Beat Earnings? Q4 2024 Results

Li Auto closed out 2024 with a record-setting quarter that told two distinct stories at once: milestone delivery volumes paired with intensifying margin pressure that rattled investors. The Chinese EV maker posted Q4 revenue of $6.07 billion, up 6.1% year over year, while earnings per share came in at $0.52, as the company became the first premium automotive brand in China to exceed 500,000 annual deliveries, a threshold crossed on the strength of 158,696 vehicles delivered in Q4 alone, up 20.4% year over year. The gap between delivery growth and revenue growth pointed to the quarter's central tension: lower average selling prices from a shifting product mix and customer interest subsidies weighed on vehicle margins, which contracted to 19.7% from 22.7% a year ago. Analysts flagged the soft Q1 2025 guidance as a particular concern, with projected revenue of $3.20 billion to $3.40 billion implying a year-over-year decline of 8.7% to 3.5%, even as delivery volumes are expected to grow. New BEV model launches and an expanded charging network remain Li Auto's primary levers heading into 2025.

Key Takeaways
  • Record Q4 deliveries of 158,696 vehicles, up 20.4% YoY
  • Full-year deliveries surpassed 500,000 milestone at 500,508 vehicles, up 33.1% YoY
  • Operating expense reduction of 22.0% YoY in Q4 through decreased R&D expenses and improved operational efficiency
  • Q4 revenue growth driven by increased vehicle deliveries partially offset by lower average selling prices due to product mix
  • Other sales and services revenue grew 66.5% for full year driven by increased services and accessories in line with higher accumulated vehicle sales

“Our record performance in the fourth quarter propelled our full-year deliveries to surpass the 500,000 milestone, making us the first among premium automotive brands in China. We also maintained our sales leadership position among Chinese automotive brands in the RMB200,000 and above NEV market. These achievements reflect our ability to drive innovation, efficiency, and value creation for users. Over the past year, we achieved a number of significant breakthroughs in intelligentization. Our autonomous driving solution now provides end-to-end functionality across all driving scenarios powered by our full-stack, proprietary E2E and VLM dual system architecture. Additionally, we significantly enhanced Li Xiang Tong Xue's capabilities in memorization, planning, tool utilization, and expression, upgrading the interactive experience for users. Looking ahead to 2025, we will launch our next-generation autonomous driving architecture and new BEV models, bringing happiness to more families with enhanced intelligent features and a more diversified product portfolio.”

Li Auto CEO, on the earnings call

Forward Guidance & Outlook

For Q1 2025, Li Auto expects deliveries of 88,000 to 93,000 vehicles, representing a 9.5% to 15.7% year-over-year increase. Total revenues are expected to be between RMB23.4 billion (US$3.2 billion) and RMB24.7 billion (US$3.4 billion), representing a year-over-year decrease of 8.7% to 3.5%. Looking ahead to 2025, the company plans to launch a next-generation autonomous driving architecture and new BEV models to expand its product portfolio and serve a broader user base.

LI YoY Financials

Revenue$44.3B
Gross Profit$9.0B
Operating Income$3.7B
Net Income$3.5B

LI Revenue by Segment

Vehicle Sales$42.6B+5.6%
Other Sales and Services$1.6B+20.5%

Figures from SEC filings and company reports. Not investment advice.