Li Auto (LI) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 10, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, ladies and gentlemen. Thank you for standing by for Li Auto's First Quarter 2023 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 Janet Chang, Investor Relations Director of Li Auto. Please go ahead, Janet.

Janet Chang

Thank you, operator. Good evening, and good morning, everyone. Welcome to Li Auto's first quarter 2023 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website.

On today's call, we have our Chairman and CEO, Mr. Xiang Li; and our CFO, Mr. Johnny Tie Li, to begin with prepared remarks. Our President, Mr. Donghui Ma and other senior executive management will join for the Q&A discussion.

Before I continue, please be reminded that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in certain company filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

Please also note that Li Auto's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Please refer to Li Auto's disclosure documents on the IR section of our website, which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures.

Our CEO will start the remarks in Chinese. There will be translation after he finish all his remarks.

With that, I will now turn the call over to our CEO, Mr. Xiang Li. Please go ahead.

Xiang Li

[Foreign Language]

Hi, everyone, and welcome to today's earnings call. In the first quarter of 2023, China's NEV market continued to grow, but market competition intensified, triggering a wait-and-see sentiment among consumers. Nevertheless, we firmly believe that true winners will emerge from competition.

In the first quarter, we achieved our best quarterly delivery results to date. With continued user recognition of the L8 and L9, as well as strong order intake for L7 and its rapid production ramp-up, we delivered 52,584 vehicles this quarter, representing a year-on-year increase of 65.8%.