Chinese electric vehicle maker Li Auto Inc. (LI) reported Monday that its fourth-quarter net income was RMB265.3 million or $38.5 million, a decrease of 10.2 percent from RMB295.5 million last year.
Net earnings per ADS attributable to ordinary shareholders were RMB0.25 or $0.04, compared to RMB0.29 net earnings per ADS a year ago.
Adjusted net income was RMB967.6 million or $140.3 million, compared to RMB686.4 million a year ago.
Adjusted net earnings per ADS were RMB0.93 or $0.13, compared to RMB0.68 last year.
Total revenues were RMB17.65 billion or $2.56 billion, an increase of 66.2 percent from RMB10.62 billion in 2021. Sequentially, revenues climbed 88.9 percent from the third quarter of 2022.
Vehicle sales grew 66.4 percent from last year to RMB17.27 billion or $2.50 billion.
Total vehicle deliveries were 46,319 units in the fourth quarter, representing a 31.5 percent year-over-year increase.
As of December 31, 2022, the company had 288 retail stores covering 121 cities.
Looking ahead for the first quarter of 2023, Li Auto expects total revenues to be between RMB17.45 billion or $2.53 billion and RMB18.45 billion or $2.68 billion, representing an increase of 82.5% to 93.0% from the prior year.
Deliveries of vehicles will be between 52,000 and 55,000 vehicles, representing an increase of 64.0% to 73.4% from the first quarter of 2022.
In pre-market activity on Nasdaq, Li Auto shares were gaining around 5 percent to trade at $24.36.
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