Li Auto, Inc. Q4 FY2024 earnings call

• China's NEV market saw rapid growth in 2024, with a penetration rate of 45.9% for the full year. • Li Auto solidified its position as the sales champion in the RMB200,000 and above NEV market with a 15.3% full-year market share. • In the fourth quarter of 2024, over 158,000 vehicles were delivered, and the full-year deliveries exceeded 500,000 units. • Each model in the Li L series had cumulative deliveries of over 200,000 units. • R&D investments in 2024 exceeded RMB11 billion, driving progress in autonomous driving. • Autonomous driving made advancements with AD Max V13, and VLM models trained on 10 million video clips were rolled out. • The supercharging network built 1,420 stations in 2024, with over 1,900 stations and 10,000+ charging stalls operational. • The proportion of sales centers increased to 42% by the end of 2024, and there were 500 retail stores in 150 cities by Feb 28, 2025. • Overseas expansion included opening an R&D center in Munich, Germany, and establishing servicing centers in Kazakhstan, Dubai, and Uzbekistan.

In the fourth quarter of 2024, total revenues reached RMB44.3 billion, and the full-year total revenues were RMB144.5 billion. Vehicle sales in the fourth quarter were RMB42.6 billion. Each model in the Li L series, including the L6, L7, L8, and L9, achieved cumulative deliveries of over 200,000 units respectively. China's NEV penetration rate was 45.9% for the full year 2024, up 12 percentage points year-over-year. Li Auto secured a 15.3% market share in the RMB200,000 and above NEV market.

• For Q1 2025, vehicle deliveries are expected to be between 88,000 and 93,000, and total revenue is expected to be between RMB23.4 billion and RMB24.7 billion. • Plan to launch two pure electric SUVs in 2025: Li i8 in July and Li i6 in the second half of the year. • Aim to have 2,500 supercharging stations by the launch of Li i8 and 4,000 stations by the end of 2025. • 2025 will focus on overseas expansion, building capabilities in branding, marketing, channel, and aftersales.

• Forward-looking statements involve inherent risks and uncertainties, and actual results may differ from the views expressed. • Risks and uncertainties are detailed in the company's filings with the US Securities and Exchange Commission and the Stock Exchange of Hong Kong Limited.

Q: Regarding BEV launch, please remind the latest launch timing and highlights of BEV models.

A: Planning to launch two pure electric SUVs in 2025. The Li i8 will be launched in July, and the Li i6 will be launched in the second half of the year. Stay tuned for official product release.

Q: About AI strategy, current focus and development.

A: AI investment will grow substantially. The overall positioning is to be a device maker in the AGI world, focusing on three types of robots: space robots, human capability enhancers, and indoor human-shaped robots.