Home Technology peripherals It Industry Li Auto: Expected to deliver more than 70,000 units in June, Max model will have NOA smart driving function in unmapped cities in the second quarter

Li Auto: Expected to deliver more than 70,000 units in June, Max model will have NOA smart driving function in unmapped cities in the second quarter

Apr 10, 2024 pm 03:58 PM
Intelligent driving ideal car noa

理想汽车:预计 6 月交付将超 7 万台,Max 车型二季度开放无图城市 NOA 智能驾驶功能

Today Li Auto announced its fourth quarter and full-year financial results as of December 31, 2023. In the fourth quarter, Li Auto's total revenue was 41.73 billion yuan, a year-on-year increase of 136.4% and a month-on-month increase of 20.3%. Net profit was 5.75 billion yuan, a year-on-year increase of 2,068.2% and a month-on-month increase of 104.5%. According to U.S. GAAP, net profit was 4.59 billion yuan, a year-on-year increase of 374.2% and a month-on-month increase of 32.3%.

By 2023, Li Auto’s total revenue will be 123.85 billion yuan, a year-on-year increase of 173.5%. Net profit was 11.81 billion yuan, while the net loss in 2022 was 2.03 billion yuan. Not according to U.S. GAAP, net profit was 12.20 billion yuan, a year-on-year increase of 58494.3%.

After the financial report was released, the management of Li Auto held a conference call. Li Xiang, Chairman and CEO of Li Auto, Li Tie, CFO, President Ma Donghui, and Senior Vice President Zou Liangjun participated in the meeting and answered the analysis The teacher asked questions.

The following is the main content of the analyst Q&A session of this conference call:

Deutsche Bank analyst Bin Wang: I have two here question. The first problem is that management has previously mentioned that monthly sales will exceed 100,000 units in 2024, and bicycle sales will exceed 30,000 units in a single month. I would like to ask the management, given the fierce market competition this year, have there been any changes to the above guidance? If there is no change, I would like to ask the management, in which month can the target of 100,000 units be achieved? And, when reaching 100,000 units (sales target), what will be the composition of the company's models?

My second question is that the company has previously guided that it would ideally join the first echelon of autonomous driving in China at some point in 2024. I would like to ask the management, what is the gap between Ideal and leading companies on the market, such as Huawei and Xpeng? When will it be possible to equal or surpass them?

Zou Liangjun: Let me answer your first question.

The guidance we gave previously remains unchanged. Currently, our goal before the end of this year is still to sell more than 100,000 units in a single month. Deliveries of the Ideal MEGA will begin from March 2024. In addition, the 2024 Lili L7, L8, and L9 will also be released and delivered in March. It can be said that we will gradually enter a new product cycle. With the gradual launch and delivery of the above-mentioned more competitive new products, we expect that the ideal monthly delivery volume will exceed 50,000 units in March (i.e. next month) and more than 70,000 units in June . The above is the situation in the first half of this year.

I believe that if we achieve the milestone of monthly delivery volume of 70,000 yuan in June this year, the market will have a deeper understanding of the company's persistent struggle spirit and performance. I hope everyone will pay more attention to our performance in the next few months.

Ma Donghui: Let me answer your second question.

As everyone knows, we launched the OTA 5.0 version at the end of last year. At present, the full-scenario NOA (navigation assisted driving function) has been opened in more than 110 cities across the country. According to statistics two months after our launch, the current daily activity rate of NOA has increased by 50% compared to before, and the mileage of NOA smart driving has increased by 100 million kilometers, helping users achieve more than 3 million parking times of various types. AD (ideal AD intelligent driving hardware platform) has also helped users avoid accidents more than 30,000 times. These data, as well as the affirmation and feedback from car owners and the media, strongly illustrate the strength of our intelligent driving products.

In the second quarter of this year, our Max models will have a map-free version, and city NOAs will be opened nationwide. The scope of use is no longer limited by the number of cities, and can be upgraded to all AD Max vehicles. For ordinary models, we will also use large BEV models to upgrade the high-speed NOA function to improve the experience of high-speed ramps and lane changes.

Therefore, we can say with great confidence that Li Auto’s intelligent driving products and R&D capabilities in 2024 will definitely be among the best in the country.

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