Li Auto Inc. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Li Auto Inc. has submitted its 20-F annual report detailing its 2023 financial performance and business operations.</b>

AI Summary

Li Auto Inc. (LAAOF) filed a Foreign Annual Report (20-F) with the SEC on April 12, 2024. Li Auto Inc. filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing includes financial data and business operations for the period. The company's principal executive offices are located in Beijing, China. Li Auto Inc. was formerly known as Leading Ideal Inc., with a name change on October 21, 2019. The SIC code for the company is 3711, related to Motor Vehicles & Passenger Car Bodies.

Why It Matters

For investors and stakeholders tracking Li Auto Inc., this filing contains several important signals. This filing provides a comprehensive overview of Li Auto's financial health and strategic direction for investors and analysts. As a key document for foreign private issuers, the 20-F offers insights into the company's governance, risks, and financial statements.

Risk Assessment

Risk Level: medium — Li Auto Inc. shows moderate risk based on this filing. The company operates in the highly competitive automotive industry, facing risks related to technological advancements, supply chain disruptions, and evolving consumer preferences, as indicated by its business description and standard industry risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F to assess Li Auto's performance and future prospects in the electric vehicle market.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report.)
• 20240412 — Filing Date (Date the 20-F was filed.)
• 3711 — SIC Code (Standard Industrial Classification for Motor Vehicles & Passenger Car Bodies.)

Key Players & Entities

• Li Auto Inc. (company) — Filer of the 20-F report.
• Leading Ideal Inc. (company) — Former name of Li Auto Inc.
• Beijing (location) — City where Li Auto Inc.'s principal executive offices are located.

FAQ

Risk Factors

• Competition in the New Energy Vehicle Market [high — market]: The company faces intense competition from domestic and international automakers in the rapidly evolving new energy vehicle market, which could adversely affect its market share and profitability.
• Supply Chain and Manufacturing Risks [medium — operational]: Disruptions in the supply chain for key components, such as semiconductors and batteries, or issues in manufacturing processes could impact production volumes and delivery schedules.
• Regulatory Changes and Compliance [medium — regulatory]: Changes in government regulations related to vehicle safety, emissions standards, and subsidies for new energy vehicles could increase compliance costs and affect demand.

Industry Context

Li Auto Inc. operates within the automotive industry, specifically focusing on the design, manufacturing, and sale of premium smart electric vehicles. The company is part of the rapidly growing new energy vehicle (NEV) sector, particularly in China.

Regulatory Implications

As a foreign private issuer, Li Auto Inc. is subject to SEC regulations, including the requirement to file annual reports on Form 20-F. These regulations govern disclosure requirements for companies listed on U.S. stock exchanges.

What Investors Should Do

1. Analyze the detailed financial statements and management's discussion and analysis within the 20-F to understand revenue drivers, cost structures, and profitability trends.
2. Evaluate the identified risk factors, particularly those related to market competition, supply chain, and regulatory changes, to assess potential impacts on future performance.
3. Compare Li Auto's 2023 performance metrics with industry benchmarks and competitors' filings to gauge its competitive positioning and growth trajectory.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 20-F filing.
• 2024-04-12: Filing Date — Date the 20-F was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.0001 — wo Class A ordinary shares, par value US$0.0001 per share Class A ordinary shares, pa
• $1 — s were made at a rate of RMB7.0999 to US$1.00, which was the exchange rate in effe
• $1.00 — as of April 5, 2024 was RMB7.2339 to US$1.00. We make no representation that any Ren

Filing Documents

• li-20231231x20f.htm (20-F) — 5092KB
• li-20231231xex2d6.htm (EX-2.6) — 178KB
• li-20231231xex4d6.htm (EX-4.6) — 37KB
• li-20231231xex4d7.htm (EX-4.7) — 43KB
• li-20231231xex4d8.htm (EX-4.8) — 102KB
• li-20231231xex4d9.htm (EX-4.9) — 89KB
• li-20231231xex4d10.htm (EX-4.10) — 175KB
• li-20231231xex8d1.htm (EX-8.1) — 7KB
• li-20231231xex11d1.htm (EX-11.1) — 123KB
• li-20231231xex12d1.htm (EX-12.1) — 10KB
• li-20231231xex12d2.htm (EX-12.2) — 10KB
• li-20231231xex13d1.htm (EX-13.1) — 5KB
• li-20231231xex13d2.htm (EX-13.2) — 5KB
• li-20231231xex15d1.htm (EX-15.1) — 6KB
• li-20231231xex15d2.htm (EX-15.2) — 5KB
• li-20231231xex15d3.htm (EX-15.3) — 3KB
• li-20231231xex97d1.htm (EX-97.1) — 38KB
• li-20231231x20f005.jpg (GRAPHIC) — 67KB
• 0001104659-24-046495.txt (&nbsp;) — 19210KB
• li-20231231.xsd (EX-101.SCH) — 109KB
• li-20231231_cal.xml (EX-101.CAL) — 128KB
• li-20231231_def.xml (EX-101.DEF) — 517KB
• li-20231231_lab.xml (EX-101.LAB) — 905KB
• li-20231231_pre.xml (EX-101.PRE) — 749KB
• li-20231231x20f_htm.xml (XML) — 3168KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Table of Contents TABLE OF CONTENTS INTRODUCTION ii FORWARD-LOOKING INFORMATION iv PART I. 1 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1 ITEM 4. INFORMATION ON THE COMPANY 68 ITEM 4A. UNRESOLVED STAFF COMMENTS 104 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 104 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 119 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 131 ITEM 8. FINANCIAL INFORMATION 133 ITEM 9. THE OFFER AND LISTING 134 ITEM 10. ADDITIONAL INFORMATION 134 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 145 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 146 PART II. 149 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 149 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 149 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 150 ITEM 16. [RESERVED] 150 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 150 ITEM 16B. CODE OF ETHICS 151 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 151 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 151 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 151 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 151 ITEM 16G. CORPORATE GOVERNANCE 152 ITEM 16H. MINE SAFETY DISCLOSURE 152 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS . 152 ITEM 16J. INSIDER TRADING POLICIES 152 ITEM 16K . CYBERSECURITY 152 PART III. 154 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 154 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 154 ITEM 19. EXHIBITS 155 i Table of Contents INTRODUCTION In this annual report, unless otherwise indicated or unless the context otherwise requires: "ADRs" refers to the American depositary receipts that evidence the ADSs; "ADSs" refers to the American depositary shares, each of which represents two Class A ordinary shares of our company; "CCASS" refers to the Central Clearing and Settlement System established and operated by Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited; "China" or "PRC" refers to the People's Republic of China, and, unless the context requires otherwise and solely for the purpose of this annual report such as describing legal or tax matters, authorities, entities, or persons, excludes Hong Kong Special Administrative Region, Macao Special Administrative Region, and Taiwan region of the People's Republic of China; "Class A ordinary shares" refers to the Class A ordinary shares of Li Auto Inc. with a par value of US$0.0001 per share; "Class B ordinary shares" refers to the Class B ordinary shares of Li Auto Inc. with a par value of US$0.0001 per share; "FOTA" refers to firmware over-the-air, a technology that updates vehicle firmware and software remotely through cloud network; "Hong Kong" refers to the Hong Kong Special Administrative Region of the People's Republic of China; "Hong Kong dollars" or "HK

View Full Filing

View this 20-F filing on SEC EDGAR