Li Auto Inc (Lixiang) reported 64.6% growth in total vehicle sales in Q4 2020.
Deliveries of Li ONEs were 14,464 vehicles in the fourth quarter of 2020, representing a 67.0% quarter-over-quarter increase and setting a new quarterly record.
With 32,624 vehicles delivered to its customers in 2020, Li ONE became the best-selling new energy SUV of the year in China.
In January 2021, Li Auto delivered 5,379 Li ONEs, representing a 355.8% increase compared to January 2020. As of January 31, 2021, it had 60 retail stores covering 47 cities, in addition to 121 servicing centers and Li Auto-authorized body and paint shops operating in 89 cities.
For the first quarter of 2021, Li expects deliveries of vehicles to be between 10,500 and 11,500 vehicles, representing an increase of 262.6% to 297.1% from the first quarter of 2020.
China electric vehicles (EVs) sales grew 8% to 1.3 million units in 2020
Financial Highlights in Q4 2020
Vehicle sales were RMB4.06 billion (US$621.9 million) in the fourth quarter of 2020, representing a 64.6% increase from RMB2.46 billion in the third quarter of 2020.
The vehicle margin was 17.1% in the fourth quarter of 2020, compared with 19.8% in the third quarter of 2020.
Total revenues were RMB4.15 billion (US$635.5 million) in the fourth quarter of 2020, representing a 65.2% increase from RMB2.51 billion in the third quarter of 2020.
Gross profit was RMB724.6 million (US$111.0 million) in the fourth quarter of 2020, representing a 45.9% increase from RMB496.8 million in the third quarter of 2020.
The gross margin was 17.5% in the fourth quarter of 2020, compared with 19.8% in the third quarter of 2020.
Loss from operations was RMB78.9 million (US$12.1 million) in the fourth quarter of 2020, representing a 56.2% decrease from RMB180.0 million in the third quarter of 2020.
Non-GAAP loss from operations was RMB71.1 million (US$10.9 million) in the fourth quarter of 2020, representing a 58.0% increase from RMB45.0 million in the third quarter of 2020.
Net income was RMB107.5 million (US$16.5 million) in the fourth quarter of 2020, compared with RMB106.9 million net loss in the third quarter of 2020. Non-GAAP net income was RMB115.4 million (US$17.7 million) in the fourth quarter of 2020, representing a 621.3% increase from RMB16.0 million in the third quarter of 2020.
Operating cash flow was RMB1.82 billion (US$279.1 million) in the fourth quarter of 2020, representing a 95.9% increase from RMB929.8 million in the third quarter of 2020.
Free cash flow was RMB1.60 billion (US$245.1 million) in the fourth quarter of 2020, representing a 113.2% increase from RMB749.9 million in the third quarter of 2020.
Li Auto forecasts total revenues to be between RMB2.94 billion (US$450.6 million) and RMB3.22 billion (US$493.5 million), representing an increase of 245.9% to 278.8% from the first quarter of 2020.
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