Q4 24 EPS
$0.52
Q4 24 Revenue
$6.07B
vs S&P Since Q4 24
-65.2%
TRAILING MARKET
LI -37.2% vs S&P +28.0%
Full Year 2024 Results
FY 24 EPS
$1.38
FY 24 Revenue
$19.80B
Market Reaction
Did LI Beat Earnings? Q4 2024 Results
Li Auto closed out 2024 with a record-setting quarter that told two distinct stories at once: milestone delivery volumes paired with intensifying margin pressure that rattled investors. The Chinese EV maker posted Q4 revenue of $6.07 billion, up 6.1%… Read more Li Auto closed out 2024 with a record-setting quarter that told two distinct stories at once: milestone delivery volumes paired with intensifying margin pressure that rattled investors. The Chinese EV maker posted Q4 revenue of $6.07 billion, up 6.1% year over year, while earnings per share came in at $0.52, as the company became the first premium automotive brand in China to exceed 500,000 annual deliveries, a threshold crossed on the strength of 158,696 vehicles delivered in Q4 alone, up 20.4% year over year. The gap between delivery growth and revenue growth pointed to the quarter's central tension: lower average selling prices from a shifting product mix and customer interest subsidies weighed on vehicle margins, which contracted to 19.7% from 22.7% a year ago. Analysts flagged the soft Q1 2025 guidance as a particular concern, with projected revenue of $3.20 billion to $3.40 billion implying a year-over-year decline of 8.7% to 3.5%, even as delivery volumes are expected to grow. New BEV model launches and an expanded charging network remain Li Auto's primary levers heading into 2025.
Key Takeaways
- • Record Q4 deliveries of 158,696 vehicles, up 20.4% YoY
- • Full-year deliveries surpassed 500,000 milestone at 500,508 vehicles, up 33.1% YoY
- • Operating expense reduction of 22.0% YoY in Q4 through decreased R&D expenses and improved operational efficiency
- • Q4 revenue growth driven by increased vehicle deliveries partially offset by lower average selling prices due to product mix
- • Other sales and services revenue grew 66.5% for full year driven by increased services and accessories in line with higher accumulated vehicle sales
LI YoY Financials
Q4 2024 vs Q4 2023, source: SEC Filings
LI Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our record performance in the fourth quarter propelled our full-year deliveries to surpass the 500,000 milestone, making us the first among premium automotive brands in China. We also maintained our sales leadership position among Chinese automotive brands in the RMB200,000 and above NEV market. These achievements reflect our ability to drive innovation, efficiency, and value creation for users. Over the past year, we achieved a number of significant breakthroughs in intelligentization. Our autonomous driving solution now provides end-to-end functionality across all driving scenarios powered by our full-stack, proprietary E2E and VLM dual system architecture. Additionally, we significantly enhanced Li Xiang Tong Xue's capabilities in memorization, planning, tool utilization, and expression, upgrading the interactive experience for users. Looking ahead to 2025, we will launch our next-generation autonomous driving architecture and new BEV models, bringing happiness to more families with enhanced intelligent features and a more diversified product portfolio.”
— Xiang Li, Q4 2024 Earnings Press Release
LI Earnings Trends
LI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LI EPS Trend
Earnings per share: estimate vs actual
LI Revenue Trend
Quarterly revenue: estimate vs actual
LI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 FY | — | $0.04 | — | $4.11B | — |
| FY Full Year | — | $0.32 | — | $16.06B | — |
| Q3 25 | — | $-0.05 | — | $3.96B | — |
| Q2 25 MISS | $1.73 | $0.19 | -89.01% | $4.22B | -86.73% |
| Q1 25 | — | $0.13 | — | $3.57B | — |
| Q4 24 FY | — | $0.52 | — | $6.07B | — |
| FY Full Year | — | $1.38 | — | $19.80B | — |