Li Auto (LI) Q1 2025 earnings summary

Executive summary

• Delivered 92,864 vehicles in Q1 2025, up 15.5% year-over-year, with total revenues of RMB 25.9 billion (US$3.6 billion), but down 41.4% sequentially.

• Maintained leadership in the RMB 200,000+ NEV market in China, holding a 14.1% market share in April and being segment sales champion for 14 consecutive months.

• Launched new Li MAGA and Li L series, with strong order backlog and plans to ramp up production to 2,500-3,000 monthly deliveries by July.

• Open-sourced Li Halo OS, fostering industry collaboration and cost efficiencies.

• Net income was RMB 646.6 million (US$89.1 million), up 9.4% year-over-year, but down 81.7% from Q4 2024.

Financial highlights

• Q1 2025 total revenues were RMB 25.9 billion (US$3.6 billion), up 1.1% year-over-year, but down 41.4% quarter-over-quarter.

• Vehicle sales reached RMB 24.7 billion, up 1.8% year-over-year, down 42.1% sequentially.

• Gross profit was RMB 5.3 billion, up 0.6% year-over-year, down 40.7% quarter-over-quarter; gross margin at 20.5%.

• Operating income was RMB 271.7 million, compared to a loss of RMB 584.9 million in Q1 2024 and RMB 3.7 billion income in Q4 2024.

• Diluted net earnings per ADS were RMB 0.62, up from RMB 0.56 in Q1 2024, down from RMB 3.31 in Q4 2024.

Outlook and guidance

• Q2 2025 deliveries expected between 121,000-128,000 vehicles, up 13.3%-17.9% year-over-year.

• Q2 total revenues projected at RMB 32.5-33.8 billion (US$4.5-4.7 billion), up 2.5%-6.7% year-over-year.

• Vehicle margin expected to remain around 19% in Q2.