Li Auto Inc. Sees Improvement in Sales of EVs | Financial Buzz

Li Auto Inc. Sees Improvement in Sales of EVs

Li Auto Inc. (NASDAQ: LI) announced Friday its unaudited financial results for the third quarter ended September 30, 2020.

Li Auto Inc., through its subsidiaries, designs, develops, manufactures, and sells smart electric sport utility vehicles (SUVs) in China. The Company reported deliveries of Li ONEs were 8,660 in the third quarter of 2020, representing a 31.1% quarter-over-quarter increase and setting a new quarterly record. Vehicle sales were RMB2.46 billion (US$363.0 million) in the third quarter of 2020, representing an increase of 28.4% from RMB1.92 billion in the second quarter of 2020.

Total revenues were RMB2.51 billion (US$369.8 million) in the third quarter of 2020, representing an increase of 28.9% from RMB1.95 billion in the second quarter of 2020.

As of September 30, 2020, the Company had 35 retail stores covering 30 cities.

Mr. Xiang Li, founder, chairman and chief executive officer of Li Auto, commented, “This is our first quarterly earnings release as a public company, and we are pleased to announce robust third quarter results reflecting not only our strong growth momentum driven by the outstanding value proposition of our products, but also our relentless pursuit of operating efficiencies. We delivered 8,660 Li ONEs in the third quarter, representing a 31.1% quarter-over-quarter increase and setting a new quarterly record. Cumulative deliveries in 2020 at the end of October reached 21,852 vehicles. This is a strong testament to the competitiveness of the Li ONE. For the fourth quarter of 2020, we expect our growth momentum to continue with deliveries reaching 11,000 to 12,000 vehicles.”

“In terms of R&D, we will further increase our investment in this regard and continue to leverage technology to create value for users and optimize our user experience. Through product and technology innovations, we are committed to providing our users with safer, easier and more cost-effective travel solutions, ensuring we live up to their support and trust.” concluded Mr. Li.