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Prepared Remarks: Operator Hello, ladies and gentlemen. Thank you for standing by for Li Auto's third-quarter earnings conference call. I will now turn the call over to your host Janet Chung, director of investor relations of the company.

Please go ahead, Janet. Unknown speaker Thank you, Liberty. Good evening and good morning, everyone. Welcome to Li Auto's third-quarter earnings conference call.

Our first earnings conference call since our IPO. The company's financial and operating results were published in the press release earlier today and were posted on the company's IR website.

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On today's call, we have our president, Proven auto earnings. Kai, to begin with prepared remarks. Our founder and CEO, Mr. Before we continue, please be reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.

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Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results proven auto earnings be materially different from the views expressed today.

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Further information regarding risks and uncertainties is included in certain filings of the company with the U. S Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Please also note that Li Auto's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as non-audited non-GAAP financial measures.

With that, I will now turn the call to our president, Kevin. Please go ahead, proven auto earnings. Kevin Shen -- President Thank you, Janet. Hello, everyone, and thank you for joining our call today. We are very excited to announce the result of our opening quarters as a public company following our July 30 listing. In the third quarter, we achieved robust results. We delivered 8, Li ONEs in the third quarter, which represented a quarter-over-quarter increase of As of the end of October, cumulative deliveries in reach 21, vehicles.

According to new car insurance registration data reported by China Automotive Technology and Research Center, in September and October Li ONE become the best-selling new energy Proven auto earnings among all models in China, a very strong testament through its highly competitive product features.

Li Auto Inc. (LI) Q3 2020 Earnings Call Transcript

In addition, in October, our order showed strong growth, setting a new monthly record and giving us solid confidence in our fourth-quarter deliveries, which we expect to reach 11, to 12, units and achieve a new quarterly record. At the same time, we have improved our gross margin and operating cash flow due to increased deliveries, improved BOM cost, and overall operating and manufacturing efficiency.

In the third quarter, our gross margin expanded proven auto earnings We also generated an operating cash flow of RMB Through product and technology innovations, we are committed to providing our supplier users with safer, easier, and more cost-effective mobility solutions, ensuring we live up to their support and trust.

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Kai Wang joining our team from Visteon. This new addition reflects our philosophy and the pursuit of combining expertise from the automotive smart device and internet industries and building an outstanding team across many disciplines to develop smart vehicles for our users. With Mr.

Wang's visionary judgment and thinking, profound expertise, and impressive track record, we believe Mr. Wang will make crucial contributes to our product and the company.

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To constantly provide a best-in-class experience to our users, we continually evolve and optimize our vehicle through full-time updates throughout the entire vehicle life cycle We also continuously collect performance and behavior data from our users to drive our product iterations. Moving to our digitalized direct sales and service network. It's an essential component of our closed-loop business system.

As of the end of October, we had 41 retail stores covering 36 cities in China, maintaining a high level of operational efficiency to each retail store demonstrate that we have completed a closed-loop system setup. Next, we plan further grow the system to create an efficient virtuous cycle of user feedback vehicle development and service enhancement.

We cannot achieve our results without the support and trust of our users. As a user-driven proven auto earnings and technology enterprise, Li Auto always puts our proven auto earnings at the highest priority and will spend more effort to provide our users with safer, more convenient, and more value-added products and services to further realize our idea of car and home.

This concludes my prepared to remark.

Li Auto Inc. (LI) Q3 Earnings Call Transcript | The Motley Fool

Now our CTO, Mr. Please go ahead. Hello, everyone. It's my honor to join Li Auto recently led by entrepreneur Mr. Xiang Li. I'm a believer in progressive innovation because Rome was not built in one day.

It has always been a better approach to follow the natural law of evolution to implement technological concepts step by step, prioritizing user demand, This, I believe, echoes well with Li Auto's guiding principle.

Leveraging technology to create value for users, to optimize user experience steadily and continuously. We will also leverage top tiers partner support to achieve our objective. In September, we announced a third wave of strategic collaboration with global semiconductor giant Nvidia and Chinese domestic leader Desay SV to be the first OEM in the world, implementing Nvidia flagship chipset Orin in vehicle in order to provide a premium user experience.

For example, we will expand our autonomous driving team size by three times by the first half of I'm confident in our capability to execute this roadmap and continue to build a leading position in the intelligent automotive industry. Tie Li, for a closer look at our financial performance in the third quarter.

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I will now go over some of our financial proven auto earnings for the third quarter of To be mindful of the length of this call, I will address financial highlights here and proven auto earnings you to refer to our earnings press release which is posted online for additional details.

Total revenue in the third quarter of were RMB 2. This include vehicle sales in the third quarter ofwhich were RMB 2. The increase in vehicle sales was mainly due to Revenue for other sales and services was RMB The increase in other sales and services was in line with the increased vehicle sales and the increasing vehicle volume using our services.

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Cost of sales in the third quarter was RMB 2. Vehicle margin in the third quarter was The increase of vehicle margin was primarily attributable to the decrease in purchase price of certain materials, including a one-time rebate received from a supplier and lower unit manufacturing overhead proven auto earnings due to increased production volume.

Gross margin in the third quarter was Total operating expenses in the third quarter were RMB Research and development expenses in the third quarter of were RMB Excluding stock-based compensation expenses, the adaptive research and development expenses were RMB The increase was primarily attributable to starting research and development for our next model, as well as increased headcount. Selling, general and administrative expenses in the third quarter of were RMB The increase was primarily driven by increased headcount as well as increased marketing and promotional expenses.

Net loss was RMB Excluding share-based compensation expenses and changes in fair value of warrants clothing, service, compensation, and expenses proven auto earnings changes in fair value of warrants and derivative liabilities, proven auto earnings achieved positive bottom line with adjusted net income of RMB 16 million in the third quarter, compared to RMB Turning to our balance sheet and cash flow.

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The balance sheet of our cash and cash equivalent, restricted cash, cash deposits, and short-term investments was RMB The increase was primarily driven by issuance of Series D private financing, the completion of our IPO, and concurrent private placements.

Operating cash flow in the third quarter of was RMB Free cash flow was RMB And now for our business outlook. The company also expect fourth-quarter total revenues to be between RMB 3.

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Thank you. Congrats on the tremendous progress.

Let me start with two questions. First is about the binary options from dollar chain, reflecting on Li ONEs scaling sales, how would you plan to drive better sourcing efficiency and prices from here? Proven auto earnings example, for battery price, which is obviously a chunky part of your BOM was the opportunity to cut costs further from here.

And also can management shed some light on the progress with Nvidia's partnership. When do you plan to deploy the components?

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Second is about the recall incidents in the past few weeks. Can you discuss the latest progress with hardware replacement and also what has been the impact on Li ONE's backlog, if any?

AAP may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report. That is because Advance Auto is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator of some favorable trends underneath the surface for AAP in this report. Advance Auto Parts, Inc.

For compacts, our own analysis is that proven auto earnings is a RMB 10 million cost issue, which is 0.