Don’t wait for the ideal L6, but the pure electric platform has these good news

In the media circle, Li Auto has the nickname of "Putting Factory". On the one hand, everyone ridicules it for saving money in media communication, and on the other hand, everyone recognizes the company's high efficiency in operation and organizational management. Before the delivery of Ideal L8 on November 1, Li Xiang, CEO of Ideal Auto, said on Weibo:

We strive to achieve a monthly income of over 10 billion in 2022. The moment when the two products are delivered at the same time is also the time to say goodbye to seven consecutive years of loss-making operations.

Whether Li Xiang will be slapped in the face may not be concluded until the Q4 financial report. In the Q3 financial report released on December 9 , although the net loss has expanded significantly, we still see Li Xiang's confidence in daring to say this.

Q3 net loss is the highest in history, but Q4 performance outlook hits a new high in a single quarter

Ideal Auto’s revenue in Q3 was 9.34 billion yuan, a year-on-year increase of 20.2%, while Q2’s revenue was 8.73 billion yuan, a quarter-on-quarter increase of 6.9%.

This time, Ideal has set the highest record of net loss after listing. The net loss in Q3 was 1.65 billion yuan, while last year’s Q3 was only 21.5 million yuan, and this year’s Q2 was 641 million yuan, a significant increase from the previous quarter and the same period last year.

The gross profit margin of ideal cars in Q3 was 12%, compared with 21.1% in the same period last year, and 21.2% in Q2, a sharp decline both year-on-year and quarter-on-quarter. Ideal explained that the sharp drop in Q3 vehicle gross profit margin was mainly due to the inventory provision and loss of purchase commitments related to Ideal ONE. Excluding the above impact, the gross profit margin of vehicles in the third quarter of 2022 will be 20.8%.

At the same time, the overall gross profit margin of Ideal Auto in Q3 was 12.7%, compared with 23.3% in the same period last year, and 21.5% in Q2, which also declined year-on-year. The reason is mainly due to the increase in cost of sales. The cost of sales in Q3 was 8.16 billion yuan, compared with 5.96 billion yuan in the same period last year, an increase of 36.8% year-on-year, while in Q2 it was 6.85 billion yuan, an increase of 19.1% from the previous quarter.

Ideal stated that the year-on-year and quarter-on-quarter increase in cost of sales was due to the increase in average cost of sales due to the start of delivery of L9 at the end of August, and the reduction of ideal ONE order forecast due to the better-than-expected market demand of Ideal L9 and the accelerated launch of Ideal L8. ONE related inventory provision and loss of purchase commitments.

To put it simply, this has something to do with the ideal L8 official announcement in early September and the controversy caused by the price cut of Ideal ONE.

As of September 30, 2022, ideal cash reserves reached 55.83 billion yuan, an increase of 4% month-on-month. Even based on the highest net loss recorded in Q3 history, Li Auto can still last for more than 8 years.

Even though the Q3 net loss data is not good, the official forecast for Q4 is that the total revenue will be 16.51-17.61 billion yuan, a year-on-year increase of 55.4% to 65.8%.

A delivery record was set in November, and it is expected to deliver more than 130,000 vehicles throughout the year

Q3 deliveries reached 26,524 units, up 5.6% YoY, while Q2 was 28,687 units, down 7.5% QoQ.

November 2022 set a record for single-month delivery, with a total of 15,034 new vehicles delivered, an increase of 11.5% year-on-year and a month-on-month increase of 49.5%.

Ideal expects the delivery volume of Q4 models to be 45,000-48,000 units, an increase of 27.8-36.3% YoY.

Dong Chehui learned that Ideal's annual delivery volume in 2022 is expected to be 131,927-134,927 vehicles.

Q3's R&D investment reached a new high, and will invest more than 10 billion in 2023

The R&D investment in Q3 reached a new high, reaching 1.8 billion yuan, an increase of 103.1% year-on-year and a quarter-on-quarter increase of 17.6%.

As for the research and development expenses in 2023, Li Tie, the ideal CFO, said that "the whole year of 2022 will be about 7 billion yuan. In 2023, the research and development investment will be about 10 billion to 12 billion yuan."

There is new news on pure electric models, and we will continue to invest in a new generation of range-extending systems

The models on sale of Ideal Auto have always been range-extending models. Everyone is very concerned about the research and development of pure electric models. Shen Yanan, President of Ideal, said on the earnings conference call:

In the third quarter, the ideal automotive power semiconductor research and development and production base officially started construction in Suzhou High-tech Zone, Jiangsu. This base mainly focuses on the independent research and development and production of the third-generation semiconductor silicon carbide automotive power module. The core component of the piezoelectric drive system.

On the other hand, regarding the pure electric model, Li Xiang also confirmed the news that it will be released in 2023. He said:

What is certain is that next year we will release the first pure electric model under Li Auto. In addition, another focus of our work next year is the delivery of ideal L7.

The above conversation means that the ideal L6 may not be released in 2023. Dong Chehui learned from multiple sources that Lixiang's upcoming pure electric model is an MPV code-named W01 and uses an 800V high-voltage platform.

Feng Sihan, CEO of Volkswagen China, once told the media in 2020 that "extended-range electric vehicles have certain value from the perspective of bicycles, but from the perspective of the entire country and the earth, it is simply nonsense and the worst solution. ".

However, according to the data released by the China Automobile Data Terminal, the insurance volume of Ideal ONE in November 2021 exceeds the sum of the sales volume of Volkswagen brand medium and large SUVs, and Dazui Yu Chengdong even expressed on Weibo, "Thanks to Li Xiang for pioneering and exploring the range-extending model. efforts and contributions."

Obviously, the extended program system has contributed sales, honor and status to Ideal, and regarding the future of Ideal’s extended program system, Shen Yanan also revealed that he will continue to invest:

We continue to invest in a new generation of range-extending systems, and do our best to maintain our leading position in the field of range-extending.

This means that Ideal will release a new generation of extended-range systems in the future , and will not fully transform into a pure electric vehicle company for the time being.

Li Xiang is waiting for the highlight moment for 7 years

Shen Yanan, the co-founder and president of Li Auto, announced that he will no longer serve as the company's executive director and president from January 1, 2023. He will join the company's process change committee to support the company's process change and development for next year's 100 billion-scale revenue. Organization upgrades.

Li Xiang once again clarified the goal of Li Auto in the earnings conference call. He said:

From the beginning of its establishment, Li Auto believes that our goal is to become a trillion-dollar revenue enterprise. In fact, we will enter the scale of 100 billion revenue next year.

In the next Q4 financial report, if the data does not hit the face, it will be the highlight moment that Ideal has been waiting for for 7 years.

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