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• Quarterly total revenues reached RMB7.78 billion (US$1.21 billion)

• Quarterly deliveries reached 25,116 vehicles

• Quarterly gross margin reached 23.3%

Li Auto shares jumped more than 5% in premarket trading as its quarterly results beat estimates.

Li Auto Inc. today announced its unaudited financial results for the quarter ended September 30, 2021.

Financial Highlights for the Third Quarter of 2021

• Vehicle sales were RMB7.39 billion (US$1.15 billion) in the third quarter of 2021, representing an increase of 199.7% from RMB2.46 billion in the third quarter of 2020 and an increase of 50.6% from RMB4.90 billion in the second quarter of 2021.

• Vehicle margin was 21.1% in the third quarter of 2021, compared with 19.8% in the third quarter of 2020 and 18.7% in the second quarter of 2021.

• Total revenues were RMB7.78 billion (US$1.21 billion) in the third quarter of 2021, representing an increase of 209.7% from RMB2.51 billion in the third quarter of 2020 and an increase of 54.3% from RMB5.04 billion in the second quarter of 2021.

• Gross profit was RMB1.81 billion (US$281.2 million) in the third quarter of 2021, representing an increase of 264.8% from RMB496.8 million in the third quarter of 2020 and an increase of 90.2% from RMB952.8 million in the second quarter of 2021.

• Gross margin was 23.3% in the third quarter of 2021, compared with 19.8% in the third quarter of 2020 and 18.9% in the second quarter of 2021.

• Loss from operations was RMB97.8 million (US$15.2 million) in the third quarter of 2021, representing a decrease of 45.7% from RMB180.0 million in the third quarter of 2020 and a decrease of 81.8% from RMB535.9 million in the second quarter of 2021.Non-GAAP income from operations3 was RMB259.4 million (US$40.3 million) in the third quarter of 2021, compared with RMB45.0 million Non-GAAP loss from operations3in the third quarter of 2020 and RMB365.5 million Non-GAAP loss from operations in the second quarter of 2021.

• Net loss was RMB21.5 million (US$3.3 million) in the third quarter of 2021, representing a decrease of 79.9% from RMB106.9 million in the third quarter of 2020 and a decrease of 90.9% from RMB235.5 million in the second quarter of 2021.Non-GAAP net income3was RMB335.7 million (US$52.1 million) in the third quarter of 2021, compared with RMB16.0 million Non-GAAP net income in the third quarter of 2020 and RMB65.1 million Non-GAAP net loss3in the second quarter of 2021.

• Operating cash flow was RMB2.17 billion (US$336.7 million) in the third quarter of 2021, representing an increase of 133.3% from RMB929.8 million in the third quarter of 2020 and an increase of 54.1% from RMB1.41 billion in the second quarter of 2021.

• Free cash flow was RMB1.16 billion (US$180.8 million) in the third quarter of 2021, representing an increase of 55.4% from RMB749.9 million in the third quarter of 2020 and an increase of 18.6% from RMB982.1 million in the second quarter of 2021.

Recent Developments

Deliveries Update

• In October 2021, the Company delivered 7,649 Li ONEs, representing a 107.2% increase from October 2020. As of October 31, 2021, the Company had 162 retail stores covering 86 cities, in addition to 223 servicing centers and Li Auto-authorized body and paint shops operating in 165 cities.

Extraordinary General Meeting

• On November 16, 2021, the Company held an extraordinary general meeting (the "EGM") of shareholders together with the respective class meetings of holders of Class A ordinary shares and Class B ordinary shares (the "Class Meetings") in Beijing, China. Following the EGM and the Class Meetings, the Fifth Amended and Restated Memorandum of Association and Articles of Association was adopted by special resolution, and general unconditional mandates were granted to the directors of the Company by ordinary resolution to issue and repurchase shares.

Updates on Manufacturing Facilities

• Beijing Manufacturing Base
• In October 2021, the Company officially commenced construction of its Beijing manufacturing base which is scheduled to be operational in 2023. It will serve as an important manufacturing base for Li Auto’s premium BEVs, allowing the Company to meet rising market demand with a more diversified product lineup.
• Aligned with the Company’s ESG goals, the Beijing manufacturing base will be built on and leverage the existing site’s infrastructure to achieve high reutilization. It will also adopt leading environmentally friendly production processes in addition to being highly automated, intelligent, and flexible.

• Changzhou Manufacturing Base
• In November 2021, the Company acquired from Changzhou Wunan New Energy Vehicle Investment Co., Ltd. 100% of the equity interest in Changzhou Chehejin Standard Factory Construction Co., Ltd. (“Chehejin”), which owns the land use rights and plants that previously had been leased to the Company for the current Changzhou manufacturing base. This transaction strengthens the Company’s control of the Changzhou manufacturing base.

Business Outlook

For the fourth quarter of 2021, the Company expects:

• Deliveries of vehicles to be between 30,000 and 32,000 vehicles, representing an increase of 107.4% to 121.2% from the fourth quarter of 2020.

• Total revenues to be between RMB8.82 billion (US$1.37 billion) and RMB9.41 billion (US$1.46 billion), representing an increase of 112.7% to 126.9% from the fourth quarter of 2020.