In today’s briefing:
- Li Auto: First Quarterly Profit, Route to Sustained Annual Profits Will Be Harder
Li Auto: First Quarterly Profit, Route to Sustained Annual Profits Will Be Harder
- First quarterly profit in 4Q’22 (first amongst the 3 main emerging brands) has raised expectations of full year profitability in ‘2023
- Launch of BEV will increase production, R&D, platform depreciation and marketing costs
- Despite our expection of revenues doubling y/y in ’23, profitability may not increase accordingly
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