Li Auto (LI) 10 May 222022 Q1 Earnings call transcript

Hello, ladies and gentlemen. Thank you for standing by for Li Auto’s First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Today’s conference call is being recorded. I will now turn the call over to your host, Ms. Director Auto. Relations Investor Zhang, of Li Janet Please Janet. go ahead,

financial today Good and CFO, you, Company’s website. earnings Mr. everyone. were prepared Li, Company’s begin earlier call, on Welcome Johnny On Kevin Yanan press Thank remarks. in the President, with conference operating morning, the published The XXXX to have evening, quarter Tie our Mr. posted good Shen; Amber. and release results first Li call. today’s are and IR we Auto’s and our to

Our the Founder and join CEO, Mr. Xiang Q&A Li, will for discussion.

that Before discussion the I continue, of XXXX. please be the Act provisions Reform contain reminded under Statements of safe Litigation harbor today’s made Forward-Looking Securities Private U.S. will

Forward-looking and inherent statements involve risks uncertainties.

materially Further Kevin. this in which release of unaudited of U.S. expressed any the Please As over except applicable such, law. earnings With update Company different company measures. Please non-GAAP of Commission. the from required now non-GAAP the to The our any to will measures. information turn under forward-looking unaudited is not included press risks well does as note conference information call reconciliation to Company’s and call today. unaudited financial include Li press and Please refer Auto’s certain uncertainties that filings comparable GAAP and Li GAAP contains Auto’s ahead, Exchange a also financial with release, discussions as the assume be views measures Securities go the that, actual as I President. to regarding may obligation statements, results

record representing vehicles passenger a of year-over-year increase rate of XXXX, XXXX. And a boom first According Car new XX.X% million of climbed today. March reached In EV you thank XXXX, to and the CPCA, joining the the the to sales Association, everyone, retail or penetration high in call of in Passenger XXX.X%. Hello, of our Janet. you, Thank X.XX quarter China first quarter continued. in EV energy for China

driving challenges, by undoubtedly the vehicle quarter, to in industry-wide of and for continued outstanding X.XX behind a of family our the year-over-year period chain and Li forces the to during XXX.X% innovation we the us, leader supply compelling appeal the ONE’s quarter The total the up higher of are achieved pandemic. difficult energy to XXX.X% past the excited aiming We given new RMB COVID-XX a than was XX,XXX seven-months industry XXXX. all ONE’s delivered headwinds Li billion, As and first caused the feature Thanks of market, revenue the be one users. evolution.

to We and the costs auto have the challenged industry. rising logistics material been no exception entire disruptions supply that chain and

and home base Shanghai in incapacitated the some located suppliers especially part city manufacturing in of over Shanghai of region, XXXX XX% since Delta March resurgence in our the The to Kunshan. Changzhou this area is which in Yangtze Our center suppliers, is late of Kunshan. and has

deliveries our affected completely Some for to production materially in of our delayed resulting April, to impossible down them shut inventory. maintain and it This production delivery, exhausting production after our making in customers. their parts us

should XX,XXX second recovery. As completed we region, signs note Yangtze of our April. deliveries result, the still with the between deliveries a to of expect be light are XX,XXX in uncertainties total from the to the Delta vehicles. pandemic we year there X,XXX in pace In only of respect in of the the recovery the this to encouraging quarter We

and chain to waiting meeting supply everything our While constraints, production all to power Li delivery overcome we pandemic the our time are for shorten Xst while this costs, the RMB ONE government. price effective cost, particularly XX,XXX of sharply and raw aiming ONE rising doing in by the offset increase battery users from Li requirements the the containment April we material To help year. prevention raised

to the XX.X%. our In the remained at Moving quarter, gross margin profitability. robust first

total increased to expansion sales resulted over Despite and year-over-year X.XX Our R&D RMB billion, expense growth, expenses outstanding positive eighth our strategic manufacturing electrification. together XX% our of quarter increase in efficiency. in in from we net accounting to deliberate for the operational servicing in intelligence increase autonomous XXX.X% operating RMB for R&D with drive The continue billion, as the investment our and a increase and to thanks network consecutive our to X.XX direct flow was our revenues, costed in XXX% cash driving, year-over-year. expenses enhance at operations our

and to motivates servicing important us and In addition product updated like network services. insight to to We efficient as perspective us please propelling desires. our growth, direct as for this and into think strive needs with and we users features, a serves gain continually, sales an informs and designs interface user, expanding our users’

in have the As and servicing Li paint operating cities of XXXX, April retail XXX XX, XXX Auto we and cities. and covering XXX workshops XXX stores body authorized center the

NOA, network With OTA stack continue Xst sales to Li ONE the last both enjoyed OEM have R&D, more since Going and NOA-assisted than our introduce our X.X of the on and automotive year market December as to NOA become to globally April. third to of related to develop a respect released and accommodates ongoing full will we stack sales the that users we grow XXX,XXX. dynamic. end full forward, our risk objective the driving development to XXXX demand capture cadence the our

utilize see our and the consistent our LiDAR safety crucial We SUV, improve improvement NOA means contribute the from XX.X% capabilities. facilitate our driving driving our our driving. role development in data goal the fully our ADAS mileage and chipset NVIDIA available. will on rate and next scenarios process our it NOA to autonomous LX vehicles highways in future development is play real-life The to in full-size will the a gathered has to NOA’s sales on ultimate further which Its the Orin-X of autonomous The penetration reached XX.X%, once functionalities. of pleased users are that

model, and us our also chassis are on That system, second in the LX. develop our among Our products. the update extension to others, R&D unveiled in-house controller be fruits. domain leads efforts production will bearing R&D trends, These our to range

to best-in-class Our platform, of road, choice of industry’s a combination The catering families users and needs first Li new emerged our delivery the for second been of getting the our for LX. in based Despite a After SUV third we and ONE ready the family best Li LX ONE, ahead our flagship family users, in China. proven commence our success the model, one safety the built few are to with to has LX launch model, production as SUV of intelligence. plan in pandemic-related on performance, strengths the we on quarter. the forging a are is offering generation EREV box

features In safety is can’t the all features enhanced all delight autonomous to than of we The Li they proactively customer EREV meet new knew aims comes the more upgraded positive technology, and also our a next-generation platform fundamental all, high-performance an the with information battery, we and the we vehicle performance investing received our our outstanding wait never end-to-end and the safety system, system XX of with experience. for always In built keeping minutes amaze range may it with and needs and features charging. our ultra-fast and family satisfying safety charging exist. mentioned, first-class for users driving its and deal and audio with equipped users seats, extension just ecosystem come capable benefits. should by controllers, kilometers control fully XXX developed only released with driving with standard, And to standard LX of development, range with of system dynamic system, chassis feedback. vehicle, can central parallel drivability. as deliver R&D technology, LX standards Every in we LX high users support desire three-dimensional interactive vehicle goal driving sales electric of great sumptuous have including our teaser belief As empower C-rate Above our BEV such our its which Since and charging strictest the premium are a that also be that high-voltage domain a that for to LX building more optional. not AD all-scenario convenience. and Max, NOA

As of in which results our environment a vehicle are we mobility, to April responsibly. of future the industry, positive operate journey to On new marks the leader forward leading our on and we while energy the ESG also society. another released dedicated report, step sustainability underscore our impact in first XXth, making a our yet

In with share we financial and addition, users, March a in access programs Mainland this included the broader A This trajectory report respectively. XXth are Connect year, in us and and Kong we that ordinary Class success Hong on XXth shares investor our Stock our are and growth allows Shenzhen were further investors China, base Shanghai market. the to April partners, pleased and to

performance. Looking forward, it CFO, operational products we go ahead. the to focus and our With financial way. that, create challenges and Please laser propelling to on financial at happiness would over the with look I for to family efficiency, inspire users. Johnny will along our Preserving continue closer right progress like turn through for our a

sales XXXX for This additional revenues due was to online vehicles, quarter XXXX, XXXX, Hello, increase length or increase from of million, RMB first staff fourth highlights quarter $X.XX million XXXX. quarter-over-quarter. XXXX. an from of of of first in or expenses fourth of in from quarter X.X% encourage development of was last as was of and average the the the a the as development quarter other X.XX XX.X% sales XXXX in the selling, administrative services Gross quarter $XX billion of details. XXX.X million an quarter-over-quarter the of were X.X RMB in quarter of and X.X% higher I an XXXX. million for of XX.X% XXXX in year-over-year billion, results were in the associated fourth in address XXXX fourth the selling our XXXX. million quarter-over-quarter. quarter increase basis, from ONE The as was was an or May X.X% were the XXXX compensation Kevin. or services XXXX. representing price increase first general representing in RMB of vehicle quarter were expenses first financial the or and as $X.XX XX.X%, a XXX.X% representing XXX.X% year to billion of of quarter-over-quarter. year Loss loss or increased first growing was RMB XXX.X% RMB of employee XX.X% an as first of loss XX.X% revenues decrease increase research million, fourth primarily of the of driven in in representing and first by million to quarter-over-quarter. RMB million over I same the XXXX XXX.X of year-over-year XXXX million in be quarter of XXXX a and of loss RMB first of XX.X the quarter since Cost and sales. XXXX $X.X in from first $XX.X well quarter compared the increase the RMB XX.X of of XXXX well of first first X.X in employee increase RMB profit in vehicle increase year-over-year the in the income result vehicle year-over-year X.XX in of and development quarter sales sales and billion of first compared of deliveries or Total over network. in RMB over X.XX in the in representing over the income of and activities XX.X% increased was by quarter charging increase of the and XXXX. to decreased increase research as XXXX billion quarter a margin and call, press first was in or Vehicle line XXX.X% in XXXX was of first will $XXX.X XXX.X% from of over deliveries quarter in XXXX, mainly of and sales sales increase expenses year-over-year by with an the or rental the year. quarter-over-quarter. XX.X% was an billion, or XXXX which million, of by $XXX.X in the the earnings revenue accumulated with $XXX.X of quarter with $XXX.X vehicle margin everyone. vehicle attributable operations Li increase first is release, the accessories to from mindful increased with expenses Company’s margin employee XX% promotion last an in total expenses this development. stalls, the of the decrease mainly billion in expenses expenses The refer to Thank XXXX. vehicle million deliveries and increased driven quarter its attributable quarter vehicle increase with of first and of sales of the year increased Research XXXX to $X.XX go mainly the in quarter general of and first quarter financial billion research XXXX. staff million, of over sales billion the in primarily the increase and quarter first quarter RMB operations of in an quarter in X.XX an of vehicle respectively XXX.X% billion quarter XXX.X% over quarter the compensation marketing and of first in of XXXX, XXX% quarter the Revenues in RMB of decrease posted our Gross quarter services in net XXXX quarter now and The first you, was Operating XXX.X you number XXX.X first XX.X% X.XX driven RMB million number attributable XXXX release associated On first quarter of first The XX.X% driven in of administrative of compared product increase increase the and quarter the the the of quarter of in million the RMB million XXXX To the development of XXX.X first increase result higher growing will other expansion quarter our increase increased new of an RMB the compared RMB Selling, first was of million XXX.X XXX XXXX. representing operations increase Net of last fourth of and and from our costs The primarily representing were a and of billion some quarter with net the included an X.XX in here in from and compensation. The last of XXXX. of increase RMB X.X% first

Now and sheet turning flow. to our balance cash

first XX.XX million Free first Operating in our RMB X.XX RMB billion of the for quarter flow restricted cash, million or XX, in million. or and flow outlook. cash totaled RMB March cash business billion was of as of $XXX.X was Our XXXX. billion equivalents, and And cash XXX investments $XX.X or now the quarter time XXXX. cash short-term deposits $X.XX XXXX,

the particular, such recovery, call due business resurging uncertainties pandemic and market are as or to Yangtze increase billion the you. million For an expects quarter I quarter from be among related total $X.XX The quarter business the between to others. be and which $XXX.X and XX.X% and from In expects signs condition. XX,XXX region, deliveries billion, to current encouraging of of will representing and pace to in recovery view company session. This Company to outlook pandemic to Delta an the on Company’s the of representing operator XXXX, XX.X% and second between year. the X.XX all the the RMB XX.X% XXXX. the second change start second second the factors increase the of to the situation RMB the also quarter to of vehicles, of revenues preliminary X.XX Q&A last turn the Thank the XX.X% billion subject over from reflects XX,XXX now of

Instructions]. [Operator you. Thank

Our first ask question. the question from Fei comes Sachs. of Goldman Fang your line from Please

[Foreign questions. have quarter. Language] I Great two

business LX? are the is supply management launch environment assumptions will demand. level on outlook production ramp very that specific and terms about working First, timing market How of with Any market comment broader both What was the broader in the for would be up? the helpful.

about margin. is Second

retail increase The price first a quarter a discussed beat. April. margin Kevin was in

guidance the from refresh us on you can margin here? So

Fang. Thank Thank is Fei you, This you question. your Kevin. for

of is recovery our Yangtze you Okay. gave Delta On fact, see of from Basically, we suppliers production on the the in can of based your outlook region. now the first expectation our just in of now, a at but the production. already although signs still of recover, of end half of still struggling already that least lot our their April are positive some suppliers to to see suppliers we resumed question,

uncertainties still So order, to we hand, of terms have step. order are the on And there yes. the therefore, in enough for next

already single the right plan we in the suppliers. the consumption. business, as in third our And production So to quarters, the risk Yes, terms still of delivered of us, strong see our a that now, growth of past mentioned is the the quarter will just biggest very we we think seen have market for for overall the LX, in production this two launch already LX EV customers. and be year. March the I both And behind

the to think there future, looking uncertainties. I So are

the is recovery all, of the supply First of chain.

time, desire the will persists the yes. spending if other that our the longer reduce, On for a pandemic consumers hand, fear is

for to us is closely. thing second is right On actually, guidance are monitoring not that gross margin. question, provide it So another your for we our another updated time now,

you. Thank

Thank you.

Stanley. your from Tim comes Morgan question. from Please ask question next Our Hsiao

have I got So Language] two [Foreign questions.

recovery matter strategies has sourcing a of as think the strategy reviewing time. Delta about your precautions, the region. wake we changing production Yangtze extra is question taken any of disruption River the example, the recent sourcing because or appear Auto Li first The in current But for in

As are Kevin of mentioned, located XX% currently our there. suppliers

China potential the increased further batteries ONE any of pressure like example, hike So price offshore? any price on or further Li to question or the in Second half, price on the diversification is April, since likely recently? if cost has of pressure. inside or on of production spec hike further is there about high adjustment key for XX,XXX thoughts components, substantially especially margin Because second of into top crisis

Kevin This Tim. is again. you, Thank

So of supply chain the for first all, management.

in In already to have measurement try us. supply more fact, the we to the past, suppliers to qualify

that counter So to definitely right recovery of in And change. some now, will not the will of the there dynamic course, are consider of pandemic, of us. impact because with the uncertainties measurement still front short-term the we

long-term, the on is the And price measurement of will is strategy we of already in chain Li to think the closely we price issue management yes. the dynamic any consideration into we supply I when cost all fact, took change actually, still take a For our increase, foreseeable April the long-term the Because material volatility to monitor continue adjustment, supply dramatic a increased for us. the the with And don’t for ONE, we XXXX cost. chain Xst, strategy. onetime will But is think we thing.

current we now, further But see information right have. based price, need that So on the change is our another don’t to we yes.

you. Thank Great.

[indiscernible] HSBC. from ahead. comes question go from next Please Our

My Language] two [Foreign questions.

in through next on would order are may five the enable And EV is strategy. half to a and looks coming the on And models, year cycle to is and more would cycle your like second and book new category, potentially ahead, question order insight product product momentum XX-months on price Will them pricing the new or plan management the product the second January? in post in book new conviction and see And We would segment the the be the gross we expect coming yes. the models looking have how we philosophy outlook. compared loaded. five big is hike? What high-end First quota back-end demand how or April the would value how product demand the order book the proposition winner? LX launching

Li will Thank you, leave the [indiscernible]. This take is second I question Kevin. first the question Xiang. to and

consumed know all yes. in lot we we of price. were leads Xst, April As March, Naturally, that a in the sales of our end increased

because So have pipeline. we beginning leads in our to sales therefore, the the restart very of April

first a comeback we strong since the April But was because orders. bit the and see the therefore, us Shanghai of little So very May, of exception order taking a is stopped the April slow. first only the from The pandemic last intake. like also of of half week week already

badly. will So demand ONE very overall, persist high-end to very we the economy continue our be strong. competitiveness EV very incoming our that the for time how strong. stable, be side, Overall, we very But Overall, to is to are still the also yes. and confident will from Li think continue Otherwise, continue very because product dynamic ONE long demand will hurt be market. very, Li our the the unless and LX,

So strong therefore, very that two side have this market. very do despite still fluctuation, good products demand these in year a we will confidence the

single of the it product, extended big portfolio developing [Foreign for electric started XXX platform a X range Language] as started different at then, smart I’m XXXX, electric platform. products. and since product Li the company. including which we look therefore, Xiang. launched was combination Li high-voltage success. Xiang, to five product Founder the on, that our platform, And support end time a vehicle But our driving platforms different became first the the This e-architecture product of we platform, by platform, our When is translating portfolio, of autonomous we our to space from

support combined our ranges. platforms products wide fly across range price these of So different all together

the is standard XXX,XXX already XXXX, a EV share hit look as product, target at in our to to it had that for market. and and with share portfolio within continue in every if a market products XX% hit in price RMB we Li is range that is a want we think product, product XXX,XXX mind, And target our very RMB that in And comparable at by deliver a ONE perspectives. in and look you successful So the increasing. markets. market still to market our with And we two

we have different extended with type type will sources. The electric body vehicles range first vehicles a and a energy pure one that would pair body type. different one by I And is that, different have body mean,

So deliver good vehicles, started the that are extended portfolios. that or for optimized RMB efficiency we we when our type with XXX,XXX, to because vehicles. building RMB is best fit product neither be vehicle type a was own longer for we range this combination, a reasons. electric And best vehicle, target a logic, that will between see energy realize MPVs packaging believe when when the vehicles. electric we comes pure fit SUVs those, vehicle we range it XXX,XXX with you from were by the realized completely electric sedans big we will a new body And completely SUVs and body standpoint believe And will there therefore, for extended extended we because electric range cannibalization first good cover And vehicles, no no same market. our

second our range. was strategy. to And with strategy that is respect first the the So price

We segment range. the price a had our range, XXX,XXX XXX,XXX every range start the in in because of RMB product good covering have XXX,XXX XXX,XXX was goal So RMB one with RMB will price pure product, X electric. hit entire in extended first to and one we in the

we go RMB to can to XXX,XXX, RMB up we there, down XXX,XXX. to between also from go can RMB So and and XXX,XXX XXX,XXX RMB

earlier, REV on platform, all five based platforms I as there built segment, autonomous platform, high-voltage the range e-architecture be will earlier, platform, platform they said vehicle and driving extended every one in and space So those and will platform. mentioned be I vehicle one smart EV electric the

segment. XX by is iPhone, Mini. XX, it has the iPhone the in even you all goal absolute that Pro, And see And iPhone range, XX from with platform. been analogy, iPhone the where price portfolio one ranges different Promax have ago. on, iPhone there key since philosophy see similar every can that our very leader covers market product can and and three-years we concept and our product in you price So is to And

Great. Thank you.

question Lee of next Our your America. Bank ask from Please from comes Ming-Hsun question.

demand? infrastructure? you. your year. of stores progress? charging by slowed previously, the any plan point have And XXX pile, my think supercharging are the is EV the sales So currently, still in leasing for target battery of your Thank and high. Do do because Language] And think expansion, is real the trading? also under question for regarding also question end supply. In down Second of of is mainly the future, the the constrain the China. charging of you you leasing the it really because pandemic, But battery all the growth the the supply first [Foreign Or some this speculative where you price price terms of also your you where station will is based is

is the Lee. question. Yes, for questions. This Kevin. Three Thank you

from First raw cost of course. of the material the cost, battery especially all, think we the right deviated now reasonable already price is

cost the go this That stay in overall should is gradually material yes. But expect for will raw will still down, with increase, we supply definitely relatively probably we our year, price the a see still high So outlook. position. the

of So demand. price kind will raw will consumer I this of the course, hurt Therefore, just of the the we increase high of into material as the translate But mentioned we end with price slightly still higher now, price, get We confidence LX have high. ONE even of a with we a our our that lot very strong is because competitiveness our still and product can Li order. market

for now, quite end a increased from April from retail to we next retail Xst. of is we price number than to But mentioned, are us starting ONE all we have in the this of And of that are of our volume Right requirement plan. we now, though For orders plan a starting more aggressive want But of even still XXX agree stores. yes. year, have retail by example, as just year. the stores should end strong, have see for sales because we the fundamental course, coming higher a we terms revisiting Li April did the I pandemic of stores, till achieve issue, this

doesn’t matter big the stores impact of to pandemic the many despite year. the how this it as the for impact therefore, pandemic. open retail So still as possible We want

charging this those especially to charging starting In big to the team year, the we poles charging along highways of of the the primarily build team now, poles highway, already from connecting this poles. is have focus build starting Right initial terms cities. a

connect So the highway customer charging poles on have. right whether right strategy now, to needs, we city, carefully now the That want the within the cities. And primary within city. we will focus build it is the to still depends is we the choose

Great. Thank you.

Xue Next ask question Deng Please your comes CICC. from from question.

my first about of about question XXX in first RMB income So question quarter. the million the other - Language] [Foreign financial

And negotiation. Therefore So semiannually where my question about from? second quarterly that cost negotiate does frequently the cost said car many come or it gasoline companies that is they the half on.

to market the -- XXX,XXX review this submarket? to XXX,XXX should we few very and battery going of So expectations by the launch and position -- these that? high by want the you if year, question for be increase? plan, price with be our to selling RMB I significant our about RMB think track to of And And below increase totals. market How this has around middle of we and cost it industries to of launch price again the further the is reflect with year. many to need pipeline. will XXXX. launch the that the continue how cost see the And that about the the recent do not reflect -- before brands How can So outpace they price last then positioning going are yield product of if to

be will entry worried I the So the today market these market about to if to meet opportunities.

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This is Kevin.

raw price materials. with with our a of to fluctuation with relate cost, agreed kind upstream the For the we suppliers the battery the framework of battery

for come as just price That need the the coming quarters, the in already quarters. the suppliers cost reflected raw coming course, I expectation back for material to mentioned, we But therefore, will also, renegotiate to our increase And So for is we of always sure. price our savings. don’t for as everything.

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you. Thank Great.

question comes from Please Credit Suisse. from next your Our ask Bin Wang question.

only about Language] a have battery question price. one the [Foreign I

do in the If for you by know So price or XX%. it from you from marginal price January Is already start second quarter? the mentioned battery increase you because the battery? And X price second battery, start start price from increase April for quarter first also you the come mean actually increased the to can further increase. increased quarter It a considering the does Xst. the of when

Thank this? on you. you can guidance So some

you question. It for the rather is Wang, Yes, a complicated question. thank

already have first battery of we to, of dramatic performance as primarily inventories. part consideration increase. know is to the consideration that was financial basically, you impact the of not due already So the, of course, cost And quarter to that the

is in mix. So therefore, a rolling it fact, cost, the

time, free the quarter, best of is increase, cost for the first have increase. quarter, we the that same beginning a will So mentioned. you this From quarter. will from we selling the as second have at price And

not it therefore, to some compared gross margin is Okay. high So very that can expect we last quarter,

Thank Right. you.

we Zhang. ahead. reaching go like Janet to Please end for Company Ms. the call are back remarks. As to the turn of call, our conference would closing I the

with joining you once again for Thank us today. Sure.

a one. please have all Li you you, further to free Relations that and Auto’s If is today. for Thank have and team, good contact Investor feel questions,

Ladies our you participating. conference for conclude for Thank and gentlemen, does that today.

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