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Mar 31
Li Auto Q1 2025 Earnings Report
Li Auto reported stable revenue and net income growth in USD despite a sequential slowdown from Q4.
Key Takeaways
In Q1 2025, Li Auto achieved $3.57 billion in revenue and $89 million in net income. Margins remained healthy, and vehicle deliveries increased year-over-year despite a seasonal dip in operations and free cash flow.
Revenue reached $3.57 billion, with steady YoY growth.
Net income rose to $89.1 million, up 9.4% YoY.
Vehicle deliveries totaled 92,864 units, up 15.5% YoY.
Free cash flow was -$348.7 million, significantly better than the previous year.
Li Auto
Li Auto
Li Auto Revenue by Segment
Li Auto Revenue by Geographic Location
Forward Guidance
For Q2 2025, Li Auto forecasts deliveries between 123,000–128,000 units and revenue between $4.5–$4.7 billion.
Positive Outlook
- Strong demand expected from refreshed L series and MEGA Home.
- Delivery guidance implies continued YoY growth.
- Revenue projection suggests further scale-up despite seasonal headwinds.
- Expanded charging network across China.
- Ongoing investment in intelligent driving and Li Halo OS ecosystem.
Challenges Ahead
- Free cash flow remains negative despite improvement.
- Sequential revenue dropped over 40% from Q4.
- Non-GAAP net income decreased YoY.
- Cash used in operations totaled $234M.
- High R&D expenses may pressure margins in upcoming quarters.
Revenue & Expenses
Visualization of income flow from segment revenue to net income