Li Auto
Li Auto Inc. (Chinese: 理想汽车; pinyin: Lǐxiǎng Qìchē) is a Beijing-headquartered Chinese automotive company that designs, develops, manufactures, and sells premium smart new energy vehicles, primarily extended-range electric vehicles equipped with range-extender petrol engines.[1][2]
Founded in 2015 by Li Xiang, a former Autohome founder who serves as chairman and CEO, the company went public on the Nasdaq in 2020 and subsequently listed on the Hong Kong Stock Exchange, establishing itself as a key player in China's competitive electric vehicle market through models like the Li ONE, L-series SUVs, and the all-electric Li MEGA and i8.[3][4][5]
Li Auto has recorded rapid growth, delivering over 1.4 million vehicles cumulatively by September 2025 and generating RMB 30.2 billion in Q2 2025 revenues, though it encountered sales declines in mid-2025 amid product launches like the i8 facing market resistance and pricing scrutiny.[6][7][8]
The firm has navigated controversies, including disputes over crash testing methodologies, vehicle fire incidents, and class action lawsuits alleging misleading statements on production capabilities, highlighting tensions in its aggressive expansion strategy within China's EV sector.[9][10][11]
Overview
Company Profile
Li Auto Inc. (Chinese: 理想汽车; pinyin: Lǐxiǎng Qìchē) is a Chinese automotive manufacturer specializing in premium smart new energy vehicles (NEVs), with a primary emphasis on extended-range electric vehicles (EREVs) that integrate electric powertrains with range-extending gasoline engines to mitigate battery-only range anxiety. The company designs, develops, manufactures, and sells these vehicles, targeting family-oriented SUV models equipped with advanced autonomous driving features, intelligent cabins, and proprietary range extension systems. Li Auto pioneered the commercialization of EREVs in China, differentiating itself through in-house innovations in electric vehicle architecture and smart solutions rather than pure battery electric vehicles (BEVs) initially.[1][12][2] Founded in July 2015 by entrepreneur Li Xiang, who remains the company's executive chairman and chief executive officer, Li Auto is headquartered in Beijing, China, with research and development operations concentrated there and manufacturing facilities located in Changzhou, Jiangsu Province. The leadership team includes co-founder and president Ma Donghui, alongside executives focused on engineering and technology integration. As a publicly traded entity, Li Auto listed American Depositary Shares on the Nasdaq Global Select Market under the ticker "LI" in July 2020 and secondary shares on the Hong Kong Stock Exchange in August 2024, enabling global investor access while maintaining operations centered in the People's Republic of China.[13][5][14] Li Auto's business model prioritizes direct-to-consumer sales through company-owned retail stores and online channels in China, supplemented by after-sales services and over-the-air software updates to enhance vehicle intelligence. The company has expanded its portfolio to include recent BEV models like the Li i6 five-seater sedan launched in September 2025, signaling a strategic diversification beyond EREVs amid evolving market demands for longer-range pure electrics. By October 2025, Li Auto reports delivering vehicles primarily to domestic consumers, with initial international forays into markets such as Russia, though its core revenue derives from premium family SUVs addressing urban mobility needs in China.[12][1][15]Technology Focus
Li Auto's primary technological emphasis lies in extended-range electric vehicles (EREVs), a powertrain architecture that pairs a battery-electric drivetrain with a gasoline-powered range extender functioning exclusively as an onboard generator. This design enables pure electric propulsion for daily commuting while mitigating range anxiety for longer journeys by generating electricity to recharge the battery on demand, without directly driving the wheels. The company has pioneered the commercialization of EREVs in China, achieving market leadership through this hybrid-electric approach that prioritizes electric motor efficiency, regenerative braking, and seamless transitions between battery-only and extended modes.[1] Central to Li Auto's EREV system is its self-developed extended-range electric architecture, featuring ternary nickel-cobalt-manganese (NCM) lithium-ion batteries with capacities up to 44.5 kWh in flagship models like the Li L9, delivering a China Light-Duty Vehicle Test Cycle (CLTC) pure electric range of 215 km and a total combined range exceeding 1,300 km when utilizing the 1.5-liter turbocharged range extender. The extender engine operates at optimal efficiency points to minimize fuel consumption, typically engaging only after battery depletion, and supports features like dual-energy source management for balanced performance and economy. This technology has enabled Li Auto to deliver vehicles with CLTC fuel efficiency ratings as low as 0.55 L/100 km in hybrid mode, addressing infrastructure limitations in battery electric vehicles (BEVs) prevalent in China's vast geography.[16][17] Complementing the powertrain, Li Auto integrates advanced smart vehicle technologies, including proprietary advanced driver assistance systems (ADAS) with end-to-end neural network perception for highway navigation and urban piloting, alongside intelligent cabin ecosystems featuring multi-screen OLED displays, head-up displays (HUD), and AI-optimized family-centric interfaces. These elements are supported by over-the-air (OTA) software updates and high-compute platforms, enhancing user experience without compromising the core EREV focus. While expanding into pure BEVs like the Li i8 to diversify offerings, the company's strategic commitment remains rooted in EREV scalability and reliability, as evidenced by automated assembly lines for next-generation extenders incorporating collaborative robotics for precision manufacturing.[18][1][19]History
Founding and Early Years
Li Xiang founded Beijing Chehejia Information Technology Co., Ltd. in April 2015, marking the establishment of what would become Li Auto, a company focused on developing premium smart electric vehicles.[20] Born in 1981 in Shijiazhuang, Hebei province, Li had previously built a successful career in the automotive sector, including co-founding Autohome, an online platform for car enthusiasts and buyers that listed on the New York Stock Exchange in 2013.[20] His decision to enter the electric vehicle market stemmed from recognizing the limitations of pure battery electric vehicles, particularly range anxiety, leading to an emphasis on range-extended electric vehicle (REEV) technology from the outset.[20] In its initial phase, the company targeted small electric vehicles (SEVs) designed for urban car-sharing services, aiming to capitalize on China's emerging shared mobility trends.[20] However, this project was abandoned in 2018 after regulatory hurdles prevented the legalization of dedicated car-sharing vehicles, prompting a strategic pivot toward family-oriented SUVs.[20] To enable production, Li Auto acquired a vehicle manufacturing permit from Chongqing Lifan Automobile in December 2018, securing the necessary qualifications for scaling operations.[20] The company rebranded as Leading Ideal Inc. later that year, reflecting its growing focus on innovative vehicle architectures.[2] Development accelerated on the Li ONE, the firm's first production model—a six-seat premium SUV equipped with a range extender system offering approximately 180 km of pure electric range and up to 800 km total.[20] Unveiled in April 2019, volume production commenced in November 2019 at facilities in Changzhou, with initial deliveries to customers starting in early 2020.[21] [20] Early backers, including Source Code Capital, provided crucial funding to support R&D and prototyping during these formative years, enabling the company to navigate technological and supply chain challenges in China's competitive NEV landscape.[22] By mid-2020, ahead of its NASDAQ listing, Li Auto had renamed itself Li Auto Inc. in July, solidifying its identity as a REEV pioneer.[2]Expansion and Listing
Following the launch of its inaugural model, the Li ONE, Li Auto scaled production and established manufacturing facilities, including bases in Changzhou and Beijing, to meet growing demand.[23] The company commenced deliveries of the Li ONE in December 2019, delivering over 10,000 vehicles in the first half of 2020 amid rapid market adoption of its extended-range electric vehicles.[24] Li Auto pursued an initial public offering on the Nasdaq Global Select Market, pricing 95 million American Depositary Shares at $11.50 each on July 30, 2020, raising approximately $1.1 billion.[24] The listing under the ticker symbol "LI" valued the company at around $10 billion fully diluted and provided capital for expanding production capacity, research and development, and sales networks.[25] This influx supported the company's transition from startup to scaled manufacturer, with deliveries surging to 32,624 units for the full year of 2020.[23] In August 2021, Li Auto conducted a secondary listing in Hong Kong through a global offering of up to 100 million shares, priced at HK$118 per share on August 6, raising additional funds estimated at up to $1.9 billion.[26] [27] The proceeds facilitated further infrastructure investments, including enhanced manufacturing and supply chain capabilities, enabling the introduction of new models and international market exploration.[28] These listings marked pivotal steps in Li Auto's expansion, transitioning it from domestic focus to a globally financed enterprise with accelerated growth in vehicle output and market presence.[4]Key Milestones and Recent Events
Li Auto Inc. was founded in July 2015 by entrepreneur Li Xiang, initially focusing on extended-range electric vehicles (EREVs) to address range anxiety in the Chinese market.[29] The company released its first model, the Li ONE SUV, in October 2018, began volume production in November 2019, and commenced deliveries in early 2020.[20] On July 30, 2020, Li Auto completed its initial public offering (IPO) on Nasdaq, raising approximately $1.1 billion at $11.50 per American depositary share.[25] Subsequent milestones included the expansion of its product lineup with the Li L9 flagship SUV in late 2022, followed by the Li L7, Li L8, and updated models in subsequent years. In March 2024, the company hosted its Spring Launch Event, introducing the all-electric Li MEGA MPV and refreshed Li L-series vehicles, with deliveries starting that month.[30] In April 2025, Li Auto launched the Li MEGA Home variant, the new Li MEGA Ultra, and the updated Li L6 at Auto Shanghai.[31] Pivoting toward battery electric vehicles (BEVs), Li Auto introduced the Li i8 six-seat family SUV in July 2025, built on a new high-voltage BEV platform.[32] This was followed by the Li i6 five-seat BEV SUV launch on September 26, 2025, with deliveries beginning the next day.[12] Recent events include multiple fire incidents involving the Li MEGA MPV, with at least three reported in China since June 2025, including one on October 24, 2025, where the vehicle ignited after chassis sparks, though no injuries occurred; investigations pointed to external causes in prior cases but raised safety scrutiny.[33] These events coincided with a year-to-date stock decline of about 8.74% as of late October 2025 amid competitive pressures in the EV sector.[34]Products and Models
Current Models
Li Auto's current model lineup, as of October 2025, consists of four extended-range electric SUVs in the L series (L6, L7, L8, and L9), the Mega battery electric multi-purpose vehicle (MPV), and two battery electric SUVs in the i series (i6 and i8).[35] [12] The L series vehicles employ a range-extender system featuring a 1.5-liter turbocharged engine paired with electric motors, enabling combined ranges exceeding 1,300 km under CLTC standards, while the i series and Mega are pure battery electrics emphasizing fast-charging capabilities.[36] [37] The Li L6 is a five-seat mid-to-large SUV measuring 4,925 mm in length with a 2,920 mm wheelbase, powered by dual electric motors totaling 300 kW and supported by a range extender for a CLTC combined range of up to 1,390 km.[38] [39] Updated for 2025, it includes enhanced ADAS with LiDAR across all trims. The Li L7, also five-seat, extends to 5,050 mm in length and 3,005 mm wheelbase, offering similar powertrain specs tailored for family use with premium second-row seating options.[37] [40] The L8 and L9 provide six-seat configurations; the L8 measures approximately 5,050 mm long, while the flagship L9 reaches 5,230 mm, both featuring advanced interior luxury like zero-gravity seats and extended ranges over 1,300 km CLTC.[41] [42] The Li Mega, a seven-seat BEV MPV launched in March 2024 and updated in April 2025, spans 5,350 mm in length with a 3,300 mm wheelbase, equipped with a 102.7 kWh battery delivering 710 km CLTC range and 400 kW power output.[43] [44] It prioritizes family luxury with features like multi-layer seat architecture and high-speed acceleration under 5.5 seconds to 100 km/h.[45] Launched in July 2025, the Li i8 is a six-seat BEV SUV at 5,085 mm long with a 3,050 mm wheelbase, offering 90.1 kWh or 97.8 kWh ternary lithium batteries supporting 5C ultra-fast charging and all-wheel drive with up to 400 kW.[46] [47] The Li i6, introduced September 26, 2025, at RMB 249,800, is a five-seat BEV SUV with an 87.3 kWh 5C battery, focusing on affordability and smart features like VLA driver-assist models, with deliveries commencing September 27, 2025.[12] [48]Discontinued Models
The Li ONE, Li Auto's first production vehicle, was a six-seat extended-range electric SUV introduced in December 2019 following volume production start in November.[49] It utilized a 1.2-liter turbocharged gasoline engine as a range extender paired with dual electric motors, delivering a combined range exceeding 1,000 km under NEDC testing conditions.[50] The model received a mid-cycle facelift in 2021, incorporating updated styling and interior enhancements.[51] Production and sales of the Li ONE ended in October 2022 to facilitate the launch of its successor, the Li L8, as part of Li Auto's portfolio expansion into a broader L-series lineup.[50] [52] This discontinuation drew criticism from some owners concerned about service continuity and model transitions, though Li Auto affirmed ongoing after-sales support.[50] By the time of its phase-out, the Li ONE had contributed significantly to Li Auto's early market penetration, with cumulative deliveries surpassing 100,000 units.[53] No other full model lines have been fully discontinued as of 2025; updates to existing L-series variants, such as pre-facelift versions of the L7, L8, and L9 phased out in Q2 2024, represent iterative refreshes rather than complete model retirements.[54]Pipeline and Future Models
Li Auto's product pipeline centers on expanding its battery electric vehicle (BEV) lineup, building on the launches of the Li i8 in July 2025 and the Li i6 on September 26, 2025, with deliveries of the latter commencing September 27, 2025, at a starting price of RMB 249,800.[12][55] The company has outlined plans for five BEV models in total, positioning the i8—a six-seat SUV priced at RMB 339,800 after variant consolidation—and i6—a five-seat SUV—as the initial entries to compete in the premium electric SUV segment.[56][57] Beyond these, Li Auto intends to introduce three additional BEVs, though specific models, timelines, and specifications remain undisclosed as of October 2025.[58] In a May 2025 earnings call, CEO Li Xiang indicated potential expansion into sedans, suggesting this body style could feature in future BEV offerings to broaden market coverage.[55] This aligns with the company's broader roadmap targeting full electrification by 2027, shifting from its historical emphasis on extended-range electric vehicles (EREVs) while leveraging an 800-volt architecture for enhanced charging and efficiency in upcoming models.[59][60]Technology and Engineering
Range Extension Systems
Li Auto employs an extended-range electric vehicle (EREV) architecture across its primary model lineup, in which electric motors provide all propulsion while a dedicated gasoline engine serves solely as a generator to recharge the battery, eliminating direct mechanical connection to the drivetrain.[17] This series hybrid design enables pure battery-electric operation for daily use, with the range extender activating to mitigate range limitations during extended travel, supported by a fuel tank capacity of up to 65 liters.[61] The system integrates regenerative braking to recapture kinetic energy, enhancing overall efficiency without relying on traditional hybrid transmission complexities.[62] The core component is a self-developed 1.5-liter turbocharged inline-four gasoline engine, rated at 154 horsepower (113 kW), optimized for generator duty with a peak thermal efficiency of 40.5 percent—among the highest for automotive gasoline engines.[16][63] Paired with ternary lithium-ion batteries, such as the 44.5 kWh nickel-cobalt-manganese pack in the Li L9, it delivers combined ranges exceeding 1,300 kilometers under CLTC testing (215 km pure electric), or 1,100 km under WLTC (180 km electric), with fuel economy at 5.9 liters per 100 km.[16] Batteries support 0.5-hour fast charging at up to 75 kW and bidirectional external discharge up to 3.5 kW, allowing vehicle-to-load functionality.[16][64] Energy management software enables adaptive modes, including battery-priority electric driving when charge is sufficient and seamless engine activation for depletion scenarios, prioritizing low noise and smooth power delivery from the dual-motor setups (up to 449 horsepower combined).[16][65] Production of the range extender began scaling in April 2022 for the Li L9, with initial annual capacity targeting 80,000 units and a first-phase facility designed for 200,000, utilizing automated assembly lines for precision manufacturing.[66][67] This in-house approach, refined from the 2020 Li ONE debut, addresses infrastructure gaps in China by combining electric drivetrain benefits with gasoline refueling convenience, though it incurs emissions from combustion despite higher efficiency than conventional hybrids.[16][68]Autonomous Driving and Smart Features
Li Auto's autonomous driving capabilities are provided through its proprietary Li AD systems, which include the entry-level Li AD Pro and the advanced Li AD Max packages. Li AD Pro supports highway Navigate on Autopilot (NOA), automated parking, and all-scenario lane centering control (LCC), utilizing hardware such as Horizon Robotics Journey 6M chips with 128 TOPS computing power and ATL LiDAR sensors.[69][70] Li AD Max extends these features to urban NOA, enabling end-to-end intelligent driving across highways and cities, with recent over-the-air (OTA) updates like version 7.0 introducing V13.0 software aimed at achieving "zero takeovers" in all-scenario operations.[71][72] The Li AD Max system relies on high-resolution sensor suites, including multiple cameras, LiDAR, and radars, processed by dual NVIDIA DRIVE Orin-X chips (up to 508 TOPS) in earlier implementations, with newer models like the Li i8 adopting a single NVIDIA Thor-U chip for enhanced efficiency.[46][71] By 2024, Li Auto had delivered over 500,000 vehicles equipped with L2+ ADAS features, accumulating 2.93 billion kilometers of user-driven mileage, positioning it as a leader in China's NOA adoption.[73] OTA 8.0, released in September 2025, integrated a Vision-Language-Action (VLA) Driver large model for all Li AD Max users, further refining perception and decision-making.[74] The company plans to introduce Level 3 autonomous driving technology by the end of 2025, building on its full-stack self-developed architecture first beta-tested for city NOA in 2023.[75][60] Complementing these driver assistance features, Li Auto's smart cabin emphasizes multi-screen infotainment and user interaction. Models like the L9 feature triple 15.7-inch 3K-resolution OLED displays for central control, passenger entertainment, and rear cabin viewing, supported by voice and gesture commands, a large heads-up display (HUD), and integration with NVIDIA DRIVE Orin for seamless processing.[76] The intelligent operating system enables OTA updates, AI-assisted voice control for navigation and media streaming, and premium audio via the Li Platinum system with 7.3.4 panoramic sound and Dolby Atmos support.[77][78] Newer vehicles, such as the i8, incorporate a 21.4-inch rear entertainment screen and Qualcomm Snapdragon processors for enhanced cabin computing.[79] These features prioritize family-oriented usability, with permanent free access to AD Max on select models like the i6 to broaden adoption.[80]Battery and Powertrain Innovations
Li Auto employs ternary lithium-ion batteries supplied primarily by CATL, which enable high energy density and rapid charging capabilities in its vehicles.[81] In September 2025, the company signed a five-year strategic partnership with CATL to advance battery safety and ultra-fast charging technologies, with CATL providing systems including ternary lithium and M3P variants across Li Auto's lineup.[81] This collaboration supported the production of the 1,000,000th exclusive battery pack for Li Auto by June 2025, underscoring the scale of reliance on these packs for extended-range and battery-electric models.[82] To enhance vertical integration, Li Auto formed a joint venture with SEVB in September 2025 for manufacturing lithium-ion batteries tailored to its electric vehicles, aiming to reduce dependency on external suppliers and optimize costs for future pure-electric offerings.[83] Battery capacities vary by model; for example, the Li i8 battery-electric SUV, launched in July 2025, offers options of 90.1 kWh or 97.8 kWh ternary lithium packs rated for 5C super charging, allowing significant range recovery in short times under all-wheel-drive configurations.[46] In powertrain development, Li Auto has prioritized in-house electric drive assemblies incorporating silicon carbide (SiC) power modules, which improve efficiency and thermal management compared to traditional silicon-based systems.[84] Mass production of these SiC modules and next-generation electric drive systems commenced in February 2025, initially for battery-electric vehicles, enabling higher voltage architectures like 800V platforms that support faster charging and reduced energy losses.[84] [85] The company's proprietary rotor-stator designs in these drives minimize noise, vibration, and energy consumption, as integrated in models such as the Li i8.[46] For extended-range applications, Li Auto's powertrains integrate electric motors with range-extender generators, but innovations extend to modular components like the XPM (eXtender Power Module), developed in partnership with a CRRC subsidiary starting April 2025 to refine efficiency in hybrid-electric propulsion.[86] These advancements reflect Li Auto's shift toward supporting both extended-range and pure-electric powertrains, with SiC-enabled systems providing up to 20-30% efficiency gains over prior generations in high-power density scenarios.[84]Operations and Manufacturing
Facilities and Production Capacity
Li Auto's primary manufacturing facility is located in Changzhou, Jiangsu Province, covering an area of 750 mu and designed with an annual production capacity of 200,000 vehicles.[87] The Changzhou plant features complete industrial chains for stamping, welding, painting, and final assembly, primarily producing extended-range electric vehicles such as the L-series models.[87] In 2024, the company invested an additional 1.6 billion yuan (approximately $220 million) to upgrade and expand this facility, renaming it Jiangsu Li Auto Intelligent Technology Co., Ltd., to enhance output amid rising demand.[88] The company also operates a second facility in Beijing's Shunyi District, with a design capacity of 100,000 units per year, focused on battery electric vehicles including the MEGA MPV, which began mass production there in February 2025.[89][90] This plant secured production qualifications in June 2023 and has been adapted to manufacture existing models like the L7, L8, and L9 to alleviate capacity bottlenecks at Changzhou.[91] As of October 2025, Li Auto's total production capacity supports monthly outputs exceeding 40,000 units across both sites, though CEO Li Xiang has indicated potential constraints, warning that demand for new models like the i6 could outstrip available capacity in 2025.[92][93] The firm aims for annual deliveries of 700,000 vehicles in 2025, reflecting ongoing efforts to scale manufacturing while relying on local supply chains for over 70% of key components by 2026.[94][88]Supply Chain and Partnerships
Li Auto maintains a supplier relationship management system to foster close partnerships for key components, emphasizing end-to-end supply chain optimization through digital platforms such as o9's Digital Brain for sales and operations planning, which went live in January 2025.[95][96] The company has also implemented SAP Ariba for indirect procurement digital transformation, completed in two months, to streamline sourcing processes.[97] CATL serves as Li Auto's primary battery supplier, having delivered its 1,000,000th exclusive battery pack by June 10, 2025, and signed a five-year strategic agreement on September 22, 2025, to advance battery safety, ultra-fast charging, and international expansion.[82][98] In September 2025, Li Auto formed a joint venture with SEVB, the battery arm of Sunwoda, with equal capital contributions, to produce self-developed batteries and enhance production legitimacy.[99] Other key suppliers include Baolong, which has provided air springs, air reservoirs, tire pressure monitoring systems (TPMS), and wheel speed sensors since 2017 and received Li Auto's 2025 Strategic Partner Award.[100] Partnerships extend to materials and coatings: Novelis collaborated on aluminum solutions for the Li MEGA MPV starting November 2024; Covestro signed an MOU on September 11, 2024, for sustainable engineering plastics via a joint innovation platform; BASF Coatings agreed on a strategic partnership March 27, 2025, focusing on low-carbon emission technologies and digital integration; and Shell became the designated lubricants partner on June 17, 2025, for high-performance formulations.[101][102][103][104] These collaborations prioritize technological innovation and sustainability without reported disruptions in core supply lines as of late 2025.Financial Performance
Revenue and Vehicle Deliveries
Li Auto's revenue primarily derives from vehicle sales, supplemented by after-sales services, parts, and other automotive-related income. In 2023, the company achieved total revenues of RMB 123.85 billion, driven by vehicle sales of RMB 120.29 billion, amid rapid expansion in its extended-range electric vehicle lineup.[105] Full-year vehicle deliveries reached 376,030 units, marking a 182.2% increase from 2022, reflecting strong market penetration in China's premium SUV segment.[106] In 2024, revenues grew to RMB 144.5 billion, a 16.6% year-over-year rise, though at a decelerating pace compared to prior years, with vehicle deliveries totaling 500,508 units, up 33.1% from 2023.[107] [108] This growth was supported by higher production capacity and model refreshes, but margins faced pressure from intensified competition and rising input costs in the EV sector. Into 2025, deliveries continued upward in the first half before moderating. First-quarter deliveries hit 92,864 vehicles, with revenues of RMB 25.9 billion.[109] Second-quarter figures showed 111,074 deliveries and RMB 30.2 billion in revenues, a 2.3% delivery increase year-over-year but a revenue decline of 4.5% from Q2 2024, attributed to pricing adjustments and softer demand for higher-end models.[32] Third-quarter deliveries totaled 93,211 vehicles, within guidance of 90,000 to 95,000 units, signaling stabilization amid broader industry headwinds like subsidy reductions and consumer preference shifts toward pure EVs.[35] Quarterly revenue for Q3 2025 remains unreported as of October 2025, with prior guidance projecting RMB 24.8 billion to RMB 26.2 billion.[110]| Period | Vehicle Deliveries | Total Revenues (RMB billion) |
|---|---|---|
| FY 2023 | 376,030 | 123.85 |
| FY 2024 | 500,508 | 144.5 |
| Q1 2025 | 92,864 | 25.9 |
| Q2 2025 | 111,074 | 30.2 |
| Q3 2025 | 93,211 | N/A (guided 24.8–26.2) |
Profitability Metrics and Investor Relations
Li Auto Inc. reported net income of RMB1.1 billion (US$153.1 million) for the second quarter of 2025, marking a slight decrease of 0.4% from the prior quarter, amid total revenues of RMB30.2 billion and vehicle deliveries of 111,074 units.[32] The company's quarterly gross margin stood at 20.1%, reflecting operational efficiency in its extended-range electric vehicle segment, while vehicle-specific gross margin was 19.4% for the quarter and 19.6% for the first half of 2025.[32] [111] These figures indicate sustained profitability, with trailing twelve-month net income reaching RMB8.08 billion as of June 30, 2025, though quarterly profit margins hovered around 3.63% due to rising research and development expenses and competitive pricing pressures in China's EV market.[112] [113] Key profitability metrics for recent periods are summarized below:| Metric | Q2 2025 Value | Notes |
|---|---|---|
| Total Revenues | RMB30.2 billion | Down year-over-year per earnings release.[32] |
| Gross Profit | RMB6.1 billion | 1.8% decrease quarter-over-quarter.[32] |
| Net Income | RMB1.1 billion | Positive, supporting ongoing operations.[32] |
| Gross Margin | 20.1% | Stable despite product iterations.[32] |
| Net Profit Margin | 3.63% (quarterly) | Reflects after-expense profitability.[113] |