Automotive Author: Niko Yang Editor: Yiru Qian May 11, 2022 01:38 PM (GMT+8)

The company plans to deliver L9, its third model in Q3.

2022 Research Report on the brand competition pattern of China's intelligent electric vehicles

China's EV 'New Force' Li Auto (2015:HK) announced the unaudited financial results for the quarter ended on March 31, 2022.

During the reporting period, the company delivered 31,716 models, up 152.1% YoY, with vehicle sales of USD 1.47 billion, increasing 168.7% YoY. The total revenue was USD 1.51 billion, 167.5% higher than the first quarter of 2021.

The Tesla China rival’s gross margin remained robust at 22.6% with a gross profit of USD 341.3 million in Q1, 250.9% higher than last year's same period. The net loss was CNY 10.9 million, compared with a CNY 360 million net loss in Q1 2021.

As of April 30, 2022, the company had 225 retail stores covering 106 cities and 292 servicing centers, with Li Auto authorized body and paint shops operating in 211 cities.

The company is embarking on delivering L9 on time, a flagship SUV for family users based on its new generation EREV (Extended Range Electric Vehicle) platform. It is equipped with an upgraded autonomous driving system, Li AD Max, which is capable of navigation on advanced (NOA) driver-assistance systems for enhanced safety and convenience.

The shares of Li Auto closed at HKD 88.35 apiece, growing by 11.2% in the morning session on May 11.