On February 25th, $Li Auto (LI.US)$Announced the 2020 financial performance (in RMB): Total revenue in 2020 was 9.46 billion yuan. The net loss for the full year of 2020 was 0.1517 billion yuan, with a gross margin of 16.4% for the full year. Operating cash flow for the full year was 3.14 billion yuan. As of December 31, 2020, the company's cash reserves reached 29.87 billion yuan. In terms of deliveries: The total deliveries for the full year of 2020 were 32,624 vehicles.
Here, I did not focus on the total revenue and net loss, as these two indicators are not comparable for a company that delivered less than a quarter's worth of vehicles in 2019. The key indicators to focus on are gross margin, operating cash flow, cash reserves, and delivery volume. Fortunately, looking at these four indicators, ideal autos are in good shape, at least with the ability to continue operating. First is the gross margin, at 16.4%, which is very close to Tesla's and the highest level among new forces. The financial report mentions that the increase in gross margin is mainly due to the decrease in purchase prices of some components and the decrease in per-vehicle manufacturing costs resulting from the increase in production. Of course, there are also reasons such as inconsistent technical routes (range-extended versus pure electric maturity) and the inherent cost differences brought about by having only one model and one configuration.
Operating cash flow is directly related to the gross margin, so I won't mention it. With a cash reserve of nearly 30 billion, it is enough to ensure the ideal autos' normal operation and R&D needs for a long period of time. As for delivery volumes...