Li Auto has been producing decent financial results but the stock price of the firm has had a downward trend over the past six months.
The Chinese EV maker has released its first unaudited financial result of 2021.
Deliveries of Li ONEs reached 12,579 vehicles in the first quarter of 2021, representing a 334.4% year-over-year increase.
As of March 31, 2021, the Company had 65 retail stores covering 49 cities and 135 servicing centers and Li Auto-authorized body and paint shops operating in 98 cities.
Total revenues were CNY 3.58 billion in the first quarter of 2021, representing an increase of 319.8% from CNY 851.7 million in the first quarter of 2020 and a decrease of 13.8% from CNY 4.15 billion in the fourth quarter of 2020.
Gross profit was CNY 616.7 million in the first quarter of 2021, representing an increase of 802.9% from CNY 68.3 million in the first quarter of 2020 and a decrease of 14.9% from CNY 724.6 million in the fourth quarter of 2020.
Gross margin was 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020.
Net losses reached CNY 360.0 million in the first quarter of 2021, compared with CNY 77.1 million net loss in the first quarter of 2020 and CNY 107.5 million net income in the fourth quarter of 2020. Non-GAAP net loss3 was CNY 177.0 million in the first quarter of 2021, compared with CNY 253.4 million net loss in the first quarter of 2020 and CNY 115.4 million net income in the fourth quarter of 2020.