Li Auto's 2023 annual performance: total revenue of 123.851 billion yuan, achieving its best financial performance in history!
Li Auto has released its 2023 annual performance report, with a total revenue of 123.851 billion yuan, an approximately 1.7-fold year-on-year increase, achieving its best financial performance in history. The increase in vehicle sales revenue is mainly due to the increase in vehicle delivery volume, while the increase in other sales and service revenue is mainly due to the increase in charging pile sales and accessories and service sales. In 2023, Li Auto achieved outstanding results with its Ideal L series, with a year-on-year delivery volume increase of 182.2%, becoming the sales champion of new energy vehicles priced above 300,000 yuan in the Chinese market.
Zhitong App reports that Li Auto (02015) has released its unaudited financial performance for the full year ending December 31, 2023. During this period, the group achieved vehicle sales revenue of RMB 120.295 billion, a year-on-year increase of 172.7%. The vehicle gross profit margin was 21.5%, up by 2.4 percentage points year-on-year. Total revenue reached RMB 123.851 billion, up by 173.5% year-on-year. The gross profit was RMB 27.497 billion, an increase of 212.8% year-on-year. Net profit was RMB 11.809 billion, turning losses into profits year-on-year. Diluted net earnings per American Depositary Share attributable to ordinary shareholders were RMB 11.1.
The announcement stated that the increase in vehicle sales revenue was mainly due to the increase in vehicle delivery volume. In addition, other sales and service revenue in 2023 amounted to RMB 3.56 billion, a 201.3% increase from RMB 1.18 billion in 2022. The increase in other sales and service revenue was mainly driven by the increase in charging pile sales revenue due to the increase in vehicle delivery volume, as well as the increase in accessory and service sales revenue due to the cumulative increase in vehicle sales volume.
Furthermore, in the quarter ending December 31, 2023, the group achieved vehicle sales revenue of RMB 40.38 billion, up by 133.8% year-on-year and 20.1% quarter-on-quarter. Total revenue was RMB 41.73 billion, up by 136.4% year-on-year and 20.3% quarter-on-quarter. Gross profit was RMB 9.79 billion, up by 174.4% year-on-year and 28% quarter-on-quarter.
Li Xiang, Chairman and CEO of Li Auto, commented, "In the fiercely competitive new energy vehicle market of 2023, Li Auto achieved outstanding results with the three models of the Li series, with an annual delivery volume increasing by 182.2% year-on-year to reach 376,000 units, becoming the sales champion of new energy vehicles priced above 300,000 RMB in the Chinese market. In December, we rolled out the OTA 5.0 vehicle software to Li series users, providing a superior driving experience for family users through comprehensive enhancements in intelligent driving and intelligent space functions. Significant growth in scale, continuous deepening of R&D, and sustained improvement in operational efficiency have driven us to achieve our best financial performance in 2023, laying a solid foundation for Li Auto to enrich its product matrix and meet diverse market demands in 2024."
Li Tie, CFO of Li Auto, added, "Li Auto delivered strong performance again in the fourth quarter, setting historical highs in multiple financial indicators. Record-breaking vehicle deliveries drove a 136.4% year-on-year increase in fourth-quarter revenue to RMB 41.73 billion, with full-year revenue up by 173.5% to RMB 123.85 billion. With the growth of our business scale and the optimization of production-supply-sales coordination, the fourth-quarter gross profit margin reached 23.5%, and the full-year gross profit margin was 22.2%. Additionally, 2023 marked the first year of the company turning losses into profits and achieving healthy profitability, with a full-year net profit of RMB 11.81 billion. By the end of 2023, our cash reserves had increased to RMB 103.67 billion. In 2024, robust profitability and financial strength will support Li Auto to deepen research and development, expand business scale, and continue to lead the rapid transformation of China's new energy vehicle market.