Li Auto Becomes China's First New-Force Carmaker with Annual Revenue Exceeding 100 Billion Yuan | BlueRun Ventures Headlines

With the release of its Q4 and full-year 2023 financial results, Li Auto has officially become the first Chinese new-energy vehicle maker to surpass 100 billion yuan in annual revenue. BlueRun Ventures was one of Li Auto's early investors, backing the company across five consecutive funding rounds. We congratulate Li Auto on reaching this milestone in an extraordinary 2023, and we look forward to continuing our journey together on the road less traveled.

On February 26, 2024, Li Auto announced its Q4 and full-year 2023 financial results. Driven by expanding scale and steadily improving operational efficiency, the company delivered its best financial performance to date. Q4 revenue reached 41.73 billion yuan, up 136.4% year-over-year; quarterly deliveries totaled 131,805 vehicles, with a 16% market share in the above-200,000-yuan new-energy segment — ranking first among Chinese auto brands. Full-year revenue hit 123.85 billion yuan, a 173.5% increase year-over-year; annual deliveries reached 376,030 vehicles, up 182.2%.

It took Li Auto eight years to achieve 100-billion-yuan revenue and 10-billion-yuan profit — a remarkable feat in the history of Chinese automotive brands. As of year-end 2023, the company held 103.67 billion yuan in cash reserves. This ample liquidity and ever-strengthening ability to generate its own cash flow will support Li Auto's continued R&D investment and business expansion, advancing its vision of becoming a global leader in artificial intelligence by 2030.

Li Auto's Q1 2024 outlook sets a new record for the same period, with expected deliveries of 100,000 to 103,000 vehicles, representing 90.2% to 95.9% year-over-year growth; and projected revenue of 31.25 billion to 32.19 billion yuan, up 66.3% to 71.3%.

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Founded in Silicon Valley, BlueRun Ventures was established in 2005 as a venture capital firm focused on early-stage startups.

Today, BlueRun Ventures manages multiple USD and RMB dual-currency funds in China, with assets under management exceeding 15 billion yuan, making it one of the largest early-stage funds in the country. The firm invests primarily at Pre-A and Series A stages, covering technology, consumer, and healthcare sectors. It has backed nearly 200 startups, including Li Auto, Waterdrop, QingCloud, Guazi.com, Qudian, Ganji.com, Energy Monster, Gaussian Robotics, Songguo Mobility, Yuntu Semiconductor, Machenike, Cloud Saint Intelligence, Anxin Netshield, and BioMap.

BlueRun Ventures has been ranked #1 on Zero2IPO's "China Top 30 Early-Stage Investment Institutions" and ChinaVenture's "China Best Early-Stage Venture Capital Firms TOP30," and was named among Preqin's Top 10 venture capital managers globally for consistent high returns.

The firm has also received numerous honors from Forbes China, 36Kr, Cyzone, Caixin Media, CBNweekly, Jiemian, and other media outlets, including "China's Best Early-Stage Firm of the Year," "China's Top Venture Capital Firm," "Early-Stage Firm Most Welcomed by Entrepreneurs," and "Most Influential Early-Stage Firm of the Year."