← Li Auto Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
| Net Income From Continuing Operations | — | — | — | — | ($2.0b) | $11.8b | $8.0b | $1.1b | |
| Net Income (Loss) Attributable to Parent | ($1.5b) | ($2.4b) | ($23.2m) | ($50.4m) | ($2.0b) | $11.8b | $8.0b | $1.1b | |
| Net Income (Loss) Available to Common Stockholders, Basic | ($1.5b) | ($3.3b) | ($121.4m) | ($50.4m) | ($291.7m) | $1.6b | $1.1b | $160.8m | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | ($2.4b) | ($23.2m) | ($50.4m) | ($294.7m) | $1.7b | $1.1b | $162.9m | |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | — | ($2.4b) | ($25.4m) | ($50.4m) | ($294.7m) | — | — | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | ($20.7m) | $2.2m | — | — | — | — | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | — | ($20.7m) | $2.2m | — | — | — | — | — | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | — | — | ($2.9m) | $14.8m | $1.8m | $2.1m | |
| Depreciation, Depletion and Amortization | — | $116.4m | $49.2m | $92.6m | $176.0m | $254.2m | $418.9m | $662.8m | |
| Depreciation | — | $107.2m | $312.0m | $579.1m | $1.2b | $1.8b | $3.0b | $4.5b | |
| Amortization of Intangible Assets | — | $9.2m | $9.0m | $11.3m | $19.1m | $24.3m | $28.9m | $74.4m | |
| Depreciation of property, plant and equipment, amortization of intangible assets and operating lease cost related to land use rights | $60.5m | $116.4m | $321.0m | $590.4m | $1.2b | $1.8b | $3.1b | $4.6b | |
| Amortization Cash Flow | — | — | — | $11.3m | $19.1m | — | — | — | |
| Amortization Of Intangibles | — | — | — | $11.3m | $19.1m | — | — | — | |
| Depreciation Amortization Depletion | — | — | — | — | $1.2b | $1.8b | $3.1b | $4.6b | |
| Deferred Income Tax Expense (Benefit) | — | — | ($3.5m) | $26.5m | ($18.6m) | ($254.0m) | ($6.8m) | ($132.3m) | |
| Deferred income tax benefit | — | — | ($22.8m) | $168.6m | ($128.3m) | ($1.8b) | ($49.8m) | ($925.5m) | |
| Deferred Income Tax | — | — | — | — | ($128.3m) | ($1.8b) | ($49.8m) | ($925.5m) | |
| Deferred Tax | — | — | — | — | ($128.3m) | ($1.8b) | ($49.8m) | ($925.5m) | |
| Share-based Payment Arrangement, Noncash Expense | — | — | $21.9m | $172.8m | $297.7m | $335.0m | $360.4m | $179.9m | |
| Share-based Payment Arrangement, Expense | — | — | $142.8m | $1.1b | $2.1b | $2.4b | $2.6b | $1.3b | |
| Equity Method Investment, Other than Temporary Impairment | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | — | $5.0m | $0 | $0 | $7.2m | $0 | $0 | $0 | |
| Goodwill, Impairment Loss | — | — | — | — | $0 | $0 | $0 | $0 | |
| Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | — | $0 | $0 | — | — | $0 | $0 | $0 | |
| Share-based compensation expenses | — | — | $142.8m | $1.1b | $2.1b | $2.4b | $2.6b | $1.3b | |
| Asset Impairment Charge | — | — | — | — | $1.1b | $236.7m | $335.9m | $243.0m | |
| Gain (Loss) on Disposition of Property Plant Equipment | $413k | ($602k) | ($58k) | ($3.1m) | ($8.1m) | $18.4m | $3.9m | ($12.3m) | |
| Income (Loss) from Equity Method Investments | — | ($162.7m) | ($386k) | ($13k) | ($1.5m) | ($1.3m) | ($585k) | ($194k) | |
| Income Tax Expense (Benefit) | — | — | ($3.5m) | $26.5m | ($18.4m) | ($191.2m) | $174.0m | $22.6m | |
| Interest Expense Nonoperating | — | — | — | — | — | — | $25.7m | $24.0m | |
| Other Nonoperating Income (Expense) | — | $1.9m | $4.5m | $29.4m | $90.7m | $147.6m | $91.0m | $9.6m | |
| Interest expense | $63.5m | $83.7m | $65.2m | $60.6m | $29.6m | $18.5m | $72.0m | $47.8m | |
| Share of loss of equity method investees | $35.8m | $162.7m | $2.5m | $83k | $10.4m | $9.5m | $4.3m | $1.4m | |
| Operating lease right-of-use assets | ($206.8m) | ($144.7m) | ($766.8m) | ($675.3m) | ($766.7m) | ($2.2b) | ($2.1b) | ($787.4m) | |
| Operating lease liabilities | — | $153.4m | $817.1m | $695.9m | $799.8m | $2.2b | $2.2b | $770.2m | |
| Earnings (Loss)es From Equity Investments | — | — | — | — | $10.4m | $9.5m | $4.3m | $1.4m | |
| Changes in operating assets and liabilities: | |||||||||
| Additional Financial Items | |||||||||
| Increase (Decrease) in Accounts Receivable | — | $8.3m | $16.4m | $857k | ($10.5m) | $13.4m | ($1.1m) | ($2.0m) | |
| Increase (Decrease) in Inventories | — | $510.5m | $79.2m | $96.0m | $858.3m | $175.8m | $424.6m | $368.8m | |
| Proceeds from Stock Options Exercised | — | — | — | $179k | — | — | — | — | |
| Equity Securities, FV-NI, Unrealized Gain (Loss) | — | $12.6m | ($22.0m) | ($35.3m) | — | — | — | — | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | $32.0m | ($1.0m) | — | — | — | — | — | |
| Goodwill | — | — | — | — | $795k | $772k | $751k | $784k | |
| Inventory Write-down | — | $0 | $0 | $0 | $592.5m | $129.8m | $130.0m | $151.3m | |
| Operating Expenses | — | $1.9b | $340.0m | $1.1b | $1.8b | $2.8b | $3.1b | $3.1b | |
| Unrealized Gain (Loss) on Investments | — | ($13.2m) | $5.1m | ($2.2m) | ($1.4m) | $36.0m | $31.7m | ($4.4m) | |
| Foreign exchange loss/(gain) | $3.7m | ($32.0m) | $3.7m | $46.6m | $2.9m | $14.9m | $24.9m | ($3.0m) | |
| Interest and investment (income)/loss, net | $28.8m | $13.2m | ($33.0m) | $13.8m | $9.4m | ($255.5m) | ($231.3m) | $30.6m | |
| Inventory write-downs and losses on purchase commitments relating to inventory | — | — | — | $62.0m | $1.1b | $236.7m | $335.9m | $243.0m | |
| Allowance for credit losses | — | $0 | $0 | $6.4m | $2.9m | ($1.1m) | $1.3m | $1.9m | |
| Prepayments and other current assets | ($200.4m) | ($442.7m) | $459.3m | ($99.4m) | ($1.2b) | ($2.4b) | ($238.6m) | $78.0m | |
| Inventories | $3.1m | ($510.5m) | ($516.9m) | ($611.6m) | ($5.9b) | ($1.2b) | ($3.1b) | ($2.6b) | |
| Other non-current assets | ($116.5m) | $8.5m | $1.7m | ($633.3m) | ($745.3m) | $363.7m | $102.9m | $82.7m | |
| Trade receivable | — | ($8.3m) | ($107.2m) | ($5.5m) | $72.2m | ($95.1m) | $8.2m | $14.1m | |
| Deferred revenue | — | $62.6m | $344.5m | $287.6m | $5.0m | $1.2b | ($220.7m) | $129.1m | |
| Trade and notes payable | ($62.5m) | $602.3m | $2.5b | $6.2b | $10.6b | $31.8b | $2.2b | ($13.0b) | |
| Amounts due to related parties | $3.0m | $4.0m | $9.4m | ($11.8m) | ($30.3m) | $3.4m | $885k | $15.2m | |
| Accruals and other current liabilities | $161.7m | $116.3m | $131.1m | $932.1m | $1.2b | $5.3b | $1.5b | ($715.2m) | |
| Finance lease liabilities | — | — | — | — | $0 | $0 | ($6.0m) | ($56.6m) | |
| Other non-current liabilities | — | $5.5m | $165.2m | $523.8m | $1.0b | $1.6b | $1.7b | $939.9m | |
| Disposal of long-term investments | — | — | — | — | $0 | $0 | $43.0m | $127.8m | |
| Placement of time deposits | — | ($1.7b) | ($1.0b) | ($1.3b) | ($679.5m) | ($19.1b) | ($54.7b) | ($75.8b) | |
| Redemption of time deposits | — | $1.3b | $602.0m | $1.6b | $514.2m | $9.2b | $24.7b | $78.0b | |
| Placement of short-term investments | ($5.7b) | ($8.0b) | ($105.3b) | ($220.9b) | ($58.3b) | ($14.8b) | ($12.9b) | ($32.4b) | |
| Redemption of short-term investments | $7.3b | $7.0b | $87.7b | $220.3b | $60.0b | $31.1b | $8.4b | $32.3b | |
| Proceeds from share issuance through the ATM Offering, net of issuance cost | — | — | — | $0 | $2.5b | $1.2b | $0 | $0 | |
| Proceeds from exercise of share options and vesting of RSUs | — | — | — | $1.1m | $6.7m | $12.0m | $14.7m | $14.7m | |
| Proceeds from borrowings | — | $233.3m | — | $600.0m | $3.7b | $1.8b | $471.3m | $1.6b | |
| Repayment of borrowings | — | — | ($144.7m) | $0 | ($661.1m) | ($2.8b) | ($996.2m) | ($279.5m) | |
| Repayment of principal on finance lease obligation | — | — | — | — | — | $0 | $0 | ($664.0m) | |
| Proceeds from issuance of ordinary shares | — | — | $10.0b | $70k | $0 | $0 | — | — | |
| Beginning Cash Position | — | — | — | — | $30.5b | $40.4b | $91.3b | $65.9b | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | $5.6b | $185.4m | ($415.6m) | $767.4m | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | ($4.4b) | ($12.1m) | ($41.1b) | ($703.1m) | |
| Cash From Discontinued Investing Activities | — | — | — | $0 | $0 | — | — | — | |
| Change In Account Payable | — | — | — | — | $10.6b | $31.8b | $2.2b | ($13.0b) | |
| Change In Accrued Expense | — | — | — | — | $1.2b | $5.3b | $1.5b | ($715.2m) | |
| Change In Inventory | — | — | — | — | ($5.9b) | ($1.2b) | ($3.1b) | ($2.6b) | |
| Change In Other Current Assets | — | — | — | — | ($1.5b) | ($1.8b) | ($2.0b) | ($704.8m) | |
| Change In Other Current Liabilities | — | — | — | — | $1.8b | $3.8b | $3.9b | $1.7b | |
| Change In Other Working Capital | — | — | — | — | $5.0m | $1.2b | ($220.7m) | $129.1m | |
| Change In Payable | — | — | — | — | $10.6b | $31.8b | $2.2b | ($13.0b) | |
| Change In Payables And Accrued Expense | — | — | — | — | $11.7b | $37.1b | $3.7b | ($13.7b) | |
| Change In Prepaid Assets | — | — | — | — | ($1.2b) | ($2.4b) | ($238.6m) | $78.0m | |
| Change In Receivables | — | — | — | — | $72.2m | ($95.1m) | $8.2m | $14.1m | |
| Change In Working Capital | — | — | — | — | $5.0b | $36.6b | $2.1b | ($15.1b) | |
| Changes In Account Receivables | — | — | — | — | $72.2m | ($95.1m) | $8.2m | $14.1m | |
| Changes In Cash | — | — | — | — | $8.7b | $50.9b | ($25.6b) | ($8.5b) | |
| End Cash Position | — | — | — | — | $40.4b | $91.3b | $65.9b | $56.9b | |
| Financing Cash Flow | — | — | — | — | $5.6b | $185.4m | ($415.6m) | $767.4m | |
| Free Cash Flow | — | — | — | — | $2.3b | $44.2b | $8.2b | ($12.8b) | |
| Gain Loss On Sale Of PPE | — | — | — | — | $55.9m | ($131.0m) | ($28.1m) | $86.1m | |
| Investing Cash Flow | — | — | — | — | ($4.4b) | ($12.1m) | ($41.1b) | ($703.1m) | |
| Issuance Of Capital Stock | — | — | — | — | $2.5b | $1.2b | $0 | $0 | |
| Net Business Purchase And Sale | — | — | — | ($630.7m) | $2.1m | $0 | $0 | — | |
| Net Foreign Currency Exchange Gain Loss | — | — | — | — | $2.9m | $14.9m | $24.9m | ($3.0m) | |
| Net PPE Purchase And Sale | — | — | — | — | ($5.1b) | ($6.2b) | ($6.8b) | ($2.9b) | |
| Net Preferred Stock Issuance | — | — | — | $0 | $0 | — | — | — | |
| Operating Gains Losses | — | — | — | — | $69.2m | ($106.6m) | $1.0m | $84.5m | |
| Other Non Cash Items | — | — | — | — | $39.1m | ($237.0m) | ($159.3m) | $78.4m | |
| Preferred Stock Issuance | — | — | — | $0 | $0 | — | — | — | |
| Proceeds From Stock Option Exercised | — | — | — | — | $6.7m | $12.0m | $14.7m | $14.7m | |
| Provisionand Write Offof Assets | — | — | — | — | $2.9m | ($1.1m) | $1.3m | $1.9m | |
| Purchase Of Business | — | — | — | ($630.7m) | $0 | $0 | — | — | |
| Purchase Of PPE | — | — | — | — | ($5.1b) | ($6.5b) | ($7.7b) | ($4.2b) | |
| Sale Of Business | — | — | — | $0 | $2.1m | $0 | $0 | — | |
| Sale Of PPE | — | — | — | — | $4.5m | $284.0m | $970.2m | $1.3b | |
| Stock Based Compensation | — | — | — | — | $2.1b | $2.4b | $2.6b | $1.3b | |
| Unrealized Gain Loss On Investment Securities | — | — | — | $13.8m | $9.4m | — | — | — | |
| Other Operating Income (Expense), Net | — | — | — | — | — | $37.2m | $90.9m | $67.7m | |
| Net Cash Provided by (Used in) Operating Activities | ($1.3b) | ($1.8b) | $481.2m | $1.3b | $1.1b | $7.1b | $2.2b | ($1.2b) | |
| Cash flows from investing activities: | |||||||||
| Purchase of property, plant and equipment and intangible assets and land use rights | ($346.6m) | ($403.8m) | ($118.2m) | ($456.4m) | ($2.6b) | ($6.5b) | ($7.7b) | ($4.2b) | |
| Payments to Acquire Businesses, Net of Cash Acquired | — | $560.0m | $5.4m | — | — | — | — | — | |
| Purchase of long-term investments | ($213.3m) | ($98.0m) | ($65.0m) | $0 | ($713.8m) | ($198.2m) | ($31.3m) | ($60.6m) | |
| Net Investment Purchase And Sale | — | — | — | — | $756.6m | $6.2b | ($34.4b) | $2.2b | |
| Purchase Of Investment | — | — | — | — | ($59.7b) | ($34.1b) | ($67.5b) | ($108.2b) | |
| Sale Of Investment | — | — | — | — | $60.5b | $40.3b | $33.2b | $110.4b | |
| Net cash (used in)/provided by investing activities | ($191.5m) | ($2.6b) | ($18.7b) | ($4.3b) | ($4.4b) | ($12.1m) | ($41.1b) | ($703.1m) | |
| Net Cash Provided by (Used in) Investing Activities | — | ($2.6b) | ($2.9b) | ($668.1m) | ($632.8m) | ($1.7m) | ($5.6b) | ($100.5m) | |
| Cash flows from financing activities: | |||||||||
| Proceeds from debt from third party investors | — | — | — | — | $0 | $0 | $94.6m | $0 | |
| Issuance Of Debt | — | — | — | — | $3.7b | $1.8b | $565.9m | $1.6b | |
| Long Term Debt Issuance | — | — | — | — | $3.7b | $1.8b | $565.9m | $1.6b | |
| Net Issuance Payments Of Debt | — | — | — | — | $3.1b | ($1.0b) | ($430.3m) | $692.7m | |
| Net Long Term Debt Issuance | — | — | — | — | $3.1b | ($1.0b) | ($430.3m) | $692.7m | |
| Long Term Debt Payments | — | — | — | — | ($661.1m) | ($2.8b) | ($996.2m) | ($943.5m) | |
| Repayment Of Debt | — | — | — | — | ($661.1m) | ($2.8b) | ($996.2m) | ($943.5m) | |
| Proceeds from Issuance of Common Stock | — | — | $1.5b | $11k | — | $0 | — | — | |
| Common Stock Issuance | — | — | — | — | $2.5b | $1.2b | $0 | $0 | |
| Net Common Stock Issuance | — | — | — | — | $2.5b | $1.2b | $0 | $0 | |
| Proceeds from Noncontrolling Interests | — | — | — | — | $13.0m | $0 | $0 | $8.6m | |
| Capital injection from noncontrolling interest | — | — | — | $0 | $90.0m | $0 | $0 | $60.0m | |
| Net Other Financing Charges | — | — | — | — | $90.0m | — | — | $60.0m | |
| Net Cash Provided by (Used in) Financing Activities | $1.1b | $5.7b | $3.8b | $2.6b | $817.6m | $26.1m | ($56.9m) | $109.7m | |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | $3.3m | $53.7m | ($376.6m) | ($472.1m) | $1.3b | $44.5m | $198.1m | ($452.8m) | |
| Effect Of Exchange Rate Changes | — | — | — | — | $1.3b | $44.5m | $198.1m | ($452.8m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | $1.3b | $1.3b | $3.2b | $1.4b | $7.2b | ($3.5b) | ($1.3b) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $1.4b | $1.6b | $4.8b | $40.4b | — | — | — | |
| Net change in cash, cash equivalents and restricted cash | ($426.4m) | $1.3b | $8.7b | $20.3b | $9.9b | $50.9b | ($25.4b) | ($9.0b) | |
| Cash, cash equivalents and restricted cash at beginning of the year | $95.5m | $1.4b | $10.2b | $30.5b | $40.4b | $91.3b | $65.9b | $56.9b | |
| Supplemental disclosure of cash flow information: | |||||||||
| Change In Cash Supplemental As Reported | — | — | — | — | $9.9b | $50.9b | ($25.4b) | ($9.0b) | |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | — | ($613k) | ($10.2m) | $12.7m | $5.8m | $13.2m | $20.4m | |
| Income Taxes Paid, Net | — | — | — | $0 | ($1.3m) | $8.3m | $88.4m | $209.5m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.