news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

ideal auto's net profit in the second quarter fell by more than 50% year-on-year to 1.1 billion yuan.

the second quarter financial report released by li auto (nasdaq: li; 02015.hk) showed that the company achieved revenue of 31.678 billion yuan in the second quarter, a year-on-year increase of 10.6% and a month-on-month increase of 23.6%; net profit was 1.1 billion yuan, a year-on-year decrease of 52.3% and a month-on-month increase of 86.2%; adjusted net profit was 1.5 billion yuan, a year-on-year decrease of 44.9% and a month-on-month increase of 17.8%.

in terms of gross profit margin, ideal auto's gross profit margin in the second quarter was 19.5%, a slight decline both year-on-year and month-on-month, but maintained a relatively healthy level.

li tie, cfo of ideal auto, said in the earnings call that with the optimization of economies of scale and the adjustment of sales policies, ideal's vehicle gross profit margin is expected to rebound slightly in the third quarter to more than 19%, and the overall gross profit margin is expected to return to more than 20%.

in terms of sales, ideal auto delivered a total of 108,600 new vehicles in the second quarter, a year-on-year increase of 25.5%; in july, its deliveries once again exceeded the 50,000 mark, setting a new record in the brand's history.

ideal expects that its deliveries in the third quarter of this year will reach 145,000 to 155,000 vehicles, an increase of 38% to 47.5% from the third quarter of 2023, that is, the average monthly deliveries will reach about 50,000 vehicles; total revenue is expected to reach 39.4 billion yuan to 42.2 billion yuan, a year-on-year increase of 13.7% to 21.6%.

li xiang: enter the first echelon of high-end pure electric products in two years

ideal has adjusted its product release rhythm and will not release a pure electric suv this year, but postpone it to the first half of next year. according to previous plans, ideal planned to release four pure electric models this year, including a pure electric suv.

during the earnings call, li xiang, chairman and ceo of ideal auto, mentioned that the company will carefully polish its products and expects to release a new pure electric suv model in the first half of 2025.

he said that regarding pure electric models, ideal mega has proven ideal's strength in 800v high-voltage pure electric power, including high-voltage platform efficiency and complete charging experience and capabilities. for pure electric suvs, two issues need to be resolved next: one is the product design, and the other is to provide users with more than 2,000 supercharging stations when pure electric products are delivered.

"we are still very confident in the competitiveness of pure electric suvs. we hope to enter the first echelon of high-end pure electric products in about two years," said li xiang.

how to maintain sales stability without new models? zou liangjun, senior vice president of sales and service of ideal auto, believes that new models are only one of the reasons for increasing sales, and efficient sales operations are the important factor in promoting sustained sales growth.

he introduced that in the future, the company will further optimize the store layout, strengthen the ability to obtain online leads, open the "funnel" of sales growth, and improve the efficiency of sales operations. in addition, as the company has recently increased publicity and promotion of intelligent driving, it has also contributed to sales growth. "among high-end new energy models priced at rmb 200,000 and above, ideal's market share has increased from 13.6% in the first quarter of 2024 to 14.4% in the second quarter. our goal is to increase this share to 16% by the fourth quarter of 2024."

in the second quarter of this year, as the model product line was further enriched, ideal auto adjusted its sales strategy to provide support for the joint sales of multiple models and multiple price ranges. as of the second quarter, the proportion of ideal auto's central stores has reached 31%, and the total number of store booths has increased by 13% month-on-month. at the same time, ideal auto operates booths differently according to store types, displaying all models in central stores and flexibly adjusting booths in shopping mall stores according to local demand and sales conditions.

the ideal charging network also continued to expand in the second quarter. as of august 25, there were 730 ideal supercharging stations and 3,416 ideal charging piles across the country.

regarding the development progress of the new car, ma donghui, president and chief engineer of lixiang auto, revealed that the overall development progress is normal. at present, several small batches of prototypes have been trial-produced, and according to the calibration and test verification plan, relevant tests and performance surveys such as high temperature and high humidity, fatigue durability, etc. have been completed.

in terms of the capacity preparation of the industrial chain, he said that the overall progress is also progressing normally, and the capacity planning of pure electric models can meet sales demand. the factory building for producing complete vehicles has been completed, and the production lines of the four major processes are being installed and debugged; in addition, pure electric models will be equipped with self-developed and self-made core components, which are also undergoing performance testing. the capacity planning and development progress of external supplier partners are also proceeding smoothly as planned.

li xiang: consumers will prefer leading brands, hongmeng intelligent driving is the strongest competitor

recently, robotaxi has been the focus of the market and analysts. ma donghui responded, "for robotaxi, we believe that when l4 autonomous driving is achieved, the demand for online car-hailing and taxis will drop significantly. it will take a longer time to gain insight into this market."

intelligent driving has been the focus of ideal auto's investment and publicity this year. in terms of r&d expenses, ideal auto's r&d expenses reached 3 billion yuan in the second quarter, accounting for 10% of its revenue.

ma donghui said that ideal auto's input-output efficiency in intelligent driving has always been relatively high. from the user side, since the full push of map-free noa (navigation-assisted driving) in july, users' acceptance of intelligent driving has been increasing, and the daily activity and mileage of urban noa have increased significantly, even several times. from the market side, intelligent driving has played a positive role in promoting sales. the proportion of potential users coming to the store to test drive noa has doubled, and the proportion of ad max (intelligent assisted driving system) orders for various models is increasing, especially for models above 300,000 yuan, the proportion of ad max orders has reached nearly 70%.

li xiang introduced that as of now, the user penetration rate of ideal auto's intelligent driving has exceeded 99%, the cumulative mileage of all-scenario noa has exceeded 1.11 billion kilometers, and the user satisfaction with intelligent driving and the proportion of ad max orders are also continuing to increase.

looking ahead to the second half of the year, li xiang believes that the industry concentration will further increase. "in july this year, the penetration rate of new energy vehicles in china has been close to 50%. people's recognition of smart electric vehicles has gradually exceeded that of fuel vehicles. consumers are more inclined to buy leading brands with leading sales and a large base of ownership. the brand concentration of the new energy vehicle market will become more and more obvious."

regarding huawei, a competitor that also focuses on extended-range models, li xiang commented, "hongmeng intelligent driving is our strongest competitor in the market. we believe that the two sides will coexist healthily in the long run. from another perspective, our core attitude is to learn from huawei's technology research and development system and business management system in the long term and continuously. as a start-up company, such a learning example is very important to us."