2023 Q2 financial report reveals outstanding growth: Li Auto's gross profit margin once again surpasses Tesla

In recent years, Li Auto has quickly emerged with its innovative extended-range model and unique product selling points, successfully established a foothold in the market, and widened a considerable gap with its competitors. On the evening of August 8, Li Auto released its 2023 Q2 financial report, once again demonstrating its strong development momentum

It is understood that Li Auto achieved a historic breakthrough in the second quarter of 2023, with operating income and Deliveries all hit new highs. In this quarter alone, Li Auto's revenue reached 28.65 billion yuan, a year-on-year increase of 228.1%, and the month-on-month growth was as high as 52.5%. It is particularly worth noting that in the second quarter alone, Li Auto’s vehicle sales revenue reached 27.97 billion yuan, a staggering 229.7% year-on-year growth, and a quarter-on-quarter growth of 52.6%

At the same time, Li Auto’s gross profit margin continues to grow. As of Q2 2023, the gross profit margin has reached 21.8%, a significant increase from 21.5% in the same period last year and 20.4% in the first quarter of this year. This shows that Li Auto has competitive advantages in product pricing and cost control, with gross profit margin exceeding Tesla for two consecutive quarters. Tesla's gross profit margin in the first two quarters of this year was 19.3% and 18.2% respectively. In sharp contrast, Li Auto achieved its first consecutive profit in Q2 of 2023. Profitability in the three quarters, net profit reached 2.31 billion yuan, compared with a loss of 641 million yuan in the same period last year and a loss of 934 million yuan in the first quarter of this year. According to non-GAAP calculations, net profit in Q2 2023 was 2.73 billion yuan, compared with a loss of 183 million yuan in the same period last year and a loss of 1.41 billion yuan in the first quarter of this year. This data shows that Li Auto has successfully made up for the cumulative losses of the previous three years and achieved good results in the first half of this year. Taken together, Li Auto has achieved significant results in the fiercely competitive automobile market. Its success is mainly due to its innovative range extension model and precise product selling points. The company's continued growth in operating income, gross profit margin and continuous profitable performance not only demonstrate its strong development momentum, but also highlight the rise of China's new energy vehicle industry

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