Li Auto delivers 8,000 vehicles in Third Quarter
Li Auto Inc. designs, develops, manufactures, and sells smart electric sport utility vehicles (SUVs) in China.
It offers Li ONE, a six-seat electric SUV that equipped with a range of extension system and cutting-edge smart vehicle solutions.
Reports Q3 revenue $369.8M, consensus $290.17M.
Vehicle sales were $363M in Q3, representing an increase of 28.4%.
Vehicle margin was 19.8% in Q3, compared with 13.7% in Q2. In October, the company delivered 3,692 Li Ones, representing an increase compared to September.
As of October 31, the company had 41 retail stores covering 36 cities.
Xiang Li, founder, chairman and CEO of Li Auto, commented, “This is our first quarterly earnings release as a public company, and we are pleased to announce robust third quarter results reflecting not only our strong growth momentum driven by the outstanding value proposition of our products, but also our relentless pursuit of operating efficiencies.
We delivered 8,660 Li ONEs in the third quarter, representing a 31.1% quarter-over-quarter increase and setting a new quarterly record.
Cumulative deliveries in 2020 at the end of October reached 21,852 vehicles.
This is a strong testament to the competitiveness of the Li ONE.
“For the fourth quarter of 2020, we expect our growth momentum to continue with deliveries reaching 11,000 to 12,000 vehicles.”
In September 2020, the Company entered a three-way strategic cooperation with NVIDIA Corporation, the world’s leading artificial intelligence computing company, and NVIDIA’s Chinese partner, Huizhou Desay SV Automotive.
Through this strategic cooperation, Li Auto will be the first OEM equipping its vehicles, the full-size extended-range premium smart SUV to be launched in 2022, with the powerful NVIDIA Orin system-on-a-chip (“SoC”) chipset. Through this cooperation, the Company plans to further increase its R&D investment and accelerate the development of autonomous driving.
LI last traded at $34.10, up 7.1 percent.
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