Chinese EV maker Li Auto released its unaudited third-quarter earnings on Monday. The financial report shows that its total revenues were 7.78 billion yuan ($1.21 billion) in the third quarter of 2021, representing an increase of 209.7% from 2.51 billion yuan in the third quarter of 2020.
The company’s net loss was 21.5 million yuan Q3, representing a decrease of 79.9% from 106.9 million yuan in the third quarter of 2020.
The third quarter of 2021 saw the the EV maker’s gross profit hit 1.81 billion yuan, representing an increase of 264.8% from 496.8 million yuan. Its gross margin was 23.3%, compared with 19.8% in the third quarter of 2020.
Deliveries of Li ONEs were 25,116 vehicles, representing a 190.0% year-over-year increase. In October this year, Li Auto delivered 7,649 Li ONEs, a year-on-year increase of 107.2%. Vehicle sales were 7.39 billion yuan in the third quarter of 2021, representing an year-on-year increase of 199.7%.
As of October 31, 2021, Li Auto had 162 retail stores covering 86 cities, in addition to 223 service centers and authorized body and paint shops operating in 165 cities.
In October 2021, Li Auto officially commenced construction of its Beijing manufacturing base which is scheduled to be operational in 2023. It will serve as an important manufacturing base for Li Auto’s premium BEVs, allowing the Company to meet rising market demand with a more diversified product lineup.
“We are also excited to raise over HK$13 billion net proceeds through our dual primary listing, including the issue of over-allotment shares, further strengthening our capital base for future growth. We will build upon our recent success to further expand our business, and remain focused on R&D to make progress in electrification, smart cockpit, and ADAS technologies simultaneously,” said Li Tie, Li Auto’s Chief Financial Officer.
For the fourth quarter of 2021, the company expects deliveries of vehicles to be between 30,000 and 32,000 vehicles, representing an increase of 107.4% to 121.2% from the fourth quarter of 2020. Total revenues should between 8.82 billion yuan and 9.41 billion yuan, representing an increase of 112.7% to 126.9% from the fourth quarter of 2020.