Li Auto Inc.
Q1 2022 Earnings Call
May 10, 2022, 8:00 a.m. ET
Contents:
- 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 2022 earnings conference call. [Operator instructions] Today's conference call is being recorded. I'll now turn the call over to your host, Ms.
Janet Chang, investor relations director of Li Auto. Please go ahead, Janet.
Janet Chang -- Director of Investor Relations
Thank you, Amber. Good evening, and good morning, everyone. Welcome to Li Auto's first quarter 2022 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 president, Mr. Kevin Yanan Shen; and our CFO, Mr. Johnny Tie Li, to begin with prepared remarks. Our founder and CEO, Mr.
Xiang Li, 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 wheels expressed today. Further information regarding risks and uncertainties is included in certain filings of the company with U.S. Securities and Exchange Commission. 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 press release, which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures. With that, I will now turn the call over to our President. Please go ahead, Kevin.
Kevin Yanan Shen -- President
Thank you, Janet. Hello, everyone, and thank you for joining our call today. In the first quarter of 2022, the EV boom continued. According to the China Passenger Car Association, or CPCA, retail sales of new energy passenger vehicles in China reached 1.07 million in the first quarter of 2022, representing a year-over-year increase of 146.6%.
And EV penetration rate climbed to a record high of 28.2% in March 2022. As the leader in the new energy vehicle market, we are excited to be one of the driving forces behind the industry continued innovation and evolution. Thanks to our Li ONE's outstanding feature and the compelling appeal to family users. We delivered 31,716 Li ONE's during the quarter, aiming industrywide supply chain challenges, up 152.1% year over year and achieved a total revenue of RMB 9.56 billion, 167.5% higher than the first quarter of 2021.