Quarterly total revenues reached RMB27.4 billion (US$3.8 billion)1

Quarterly deliveries reached 93,211 vehicles

BEIJING, China, Nov. 26, 2025 (GLOBE NEWSWIRE) -- Li Auto Inc. ("Li Auto" or the "Company") (NASDAQ:LI, HKEX: 2015)), a leader in China's new energy vehicle market, today announced its unaudited financial results for the quarter ended September 30, 2025.

Operating Highlights for the Third Quarter of 2025

  2025 Q3 2025 Q2 2025 Q1 2024 Q4 
Deliveries 93,211 111,074 92,864 158,696 
          
  2024 Q3 2024 Q2 2024 Q1 2023 Q4 
Deliveries 152,831 108,581 80,400 131,805 
          

Financial Highlights for the Third Quarter of 2025

Key Financial Results

(in millions, except for percentages and per ADS data)

 For the Three Months Ended % Change6

 
 September 30,

2024		 June 30,

2025		 September 30,

2025		 YoY QoQ 
 RMB RMB RMB     
Vehicle sales41,323.8 28,885.1 25,867.1 (37.4)% (10.4)% 
Vehicle margin20.9% 19.4% 15.5% (5.4)pts (3.9)pts 
           
Total revenues42,874.2 30,245.6 27,364.7 (36.2)% (9.5)% 
Gross profit9,224.7 6,067.0 4,469.0 (51.6)% (26.3)% 
Gross margin21.5% 20.1% 16.3% (5.2)pts (3.8)pts 
           
Operating expenses(5,792.0) (5,240.0) (5,646.2) (2.5)% 7.8% 
Income/(Loss) from operations3,432.7 827.0 (1,177.2) N/A N/A 
Operating margin8.0% 2.7% (4.3)% (12.3)pts (7.0)pts 
           
Net income/(loss)2,820.5 1,096.9 (624.4) N/A N/A 
Non-GAAP net income/(loss)3,851.0 1,468.2 (359.7) N/A N/A 
           
Diluted net earnings/(loss) per ADS attributable to ordinary shareholders2.66 1.03 (0.62) N/A N/A 
Non-GAAP diluted net earnings/(loss) per ADS attributable to ordinary shareholders3.63 1.37 (0.36) N/A N/A 
           
Net cash provided by/(used in) operating activities11,024.6 (3,036.2) (7,395.6) N/A 143.6% 
Free cash flow (non-GAAP)9,051.8 (3,841.8) (8,912.2) N/A 132.0% 
           

Recent Developments

Delivery Update

Li i6

Overseas Authorized Retail Store

Health Assessment Results

CEO and CFO Comments

Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, "Our BEV portfolio gained strong momentum during the third quarter, demonstrating our top-tier product-definition capabilities and solid product strength. Orders for Li i8 and Li i6 have exceeded 100,000 in aggregate. On the AI front, our VLA Driver large model, empowered by world model and reinforcement learning, has achieved industry-leading user adoption with monthly usage rate reaching 91% in October. With our user-centric product philosophy and robust R&D capabilities, we are confident in achieving our long-term vision and strategic objectives."

Mr. Tie Li, chief financial officer of Li Auto, added, "While navigating intensifying market competition, we faced headwinds in the third quarter from supply chain bottlenecks and costs related to the recall of Li MEGA. We have been proactively working with our supply chain partners to fulfill the demand of our users for Li i8 and Li i6. Excluding estimated Li MEGA recall costs, our gross margin came in at 20.4%, demonstrating our continued operational resilience. Looking ahead, we will maintain our commitment to product and technology innovation, delivering exceptional user experiences while driving sustainable growth."

Financial Results for the Third Quarter of 2025

Revenues

Cost of Sales and Gross Margin

Operating Expenses

Income/(Loss) from Operations

Net Income/(Loss) and Net Earnings/(Loss) Per Share

Cash Position, Operating Cash Flow and Free Cash Flow

Business Outlook

For the fourth quarter of 2025, the Company expects:

This business outlook reflects the Company's current and preliminary views on its business situation and market conditions, which are subject to change.

Conference Call

Management will hold a conference call at 7:00 a.m. U.S. Eastern Time on Wednesday, November 26, 2025 (8:00 p.m. Beijing/Hong Kong Time on November 26, 2025) to discuss financial results and answer questions from investors and analysts.

For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10051194-g5x3ws.html

A replay of the conference call will be accessible through December 3, 2025, by dialing the following numbers:

United States:+1-855-883-1031
Mainland China:+86-400-1209-216
Hong Kong, China:+852-800-930-639
International:+61-7-3107-6325
Replay PIN:10051194
  

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.lixiang.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and release of valuation allowance on deferred tax assets, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results" set forth at the end of this press release.

Exchange Rate Information

This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

About Li Auto Inc.

Li Auto Inc. is a leader in China's new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Create a Mobile Home, Create Happiness (创造移动的家, 创造幸福的家). Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and two Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "targets," "likely to," "challenges," and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto's strategies, future business development, and financial condition and results of operations; Li Auto's limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto's ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto's ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto's ability to compete successfully; Li Auto's ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto's vehicles; Li Auto's ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto's filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.

Investor Relations

Email: ir@lixiang.com

Christensen Advisory

Roger Hu

Tel: +86-10-5900-1548

Email: Li@christensencomms.com



Li Auto Inc.

Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

  For the Three Months Ended 
  September 30,

2024		 June 30,

2025		 September 30,

2025		 September 30,

2025		 
  RMB RMB RMB US$ 
Revenues:         
Vehicle sales 41,323,833 28,885,133 25,867,091 3,633,529 
Other sales and services 1,550,385 1,360,480 1,497,571 210,363 
Total revenues 42,874,218 30,245,613 27,364,662 3,843,892 
Cost of sales:         
Vehicle sales (32,671,723) (23,273,292) (21,846,962) (3,068,825) 
Other sales and services (977,822) (905,352) (1,048,699) (147,310) 
Total cost of sales (33,649,545) (24,178,644) (22,895,661) (3,216,135) 
Gross profit 9,224,673 6,066,969 4,469,001 627,757 
Operating expenses:         
Research and development (2,586,534) (2,810,170) (2,974,338) (417,803) 
Selling, general and administrative (3,359,640) (2,717,761) (2,769,019) (388,962) 
Other operating income, net 154,174 287,980 97,155 13,647 
Total operating expenses (5,792,000) (5,239,951) (5,646,202) (793,118) 
Income/(Loss) from operations 3,432,673 827,018 (1,177,201) (165,361) 
Other (expense)/income:         
Interest expense (54,167) (49,776) (32,663) (4,588) 
Interest income and investment income, net (21,979) 496,454 475,435 66,784 
Others, net 43,752 15,288 (4,501) (632) 
Income/(Loss) before income tax 3,400,279 1,288,984 (738,930) (103,797) 
Income tax (expense)/benefit (579,789) (192,048) 114,534 16,088 
Net income/(loss) 2,820,490 1,096,936 (624,396) (87,709) 
Less: Net income attributable to noncontrolling interests 6,228 4,365 580 81 
Net income/(loss) attributable to ordinary shareholders of Li Auto Inc. 2,814,262 1,092,571 (624,976) (87,790) 
          
Net income/(loss) 2,820,490 1,096,936 (624,396) (87,709) 
Other comprehensive loss, net of tax         
Foreign currency translation adjustment, net of nil tax (136,283) (173,612) (71,876) (10,096) 
Total other comprehensive loss, net of tax (136,283) (173,612) (71,876) (10,096) 
Total comprehensive income/(loss) 2,684,207 923,324 (696,272) (97,805) 
Less: Net income attributable to noncontrolling interests 6,228 4,365 580 81 
Comprehensive income/(loss) attributable to ordinary shareholders of Li Auto Inc. 2,677,979 918,959 (696,852) (97,886) 
Weighted average number of ADSs         
Basic 997,934,606 1,005,986,033 1,009,414,942 1,009,414,942 
Diluted 1,062,727,888 1,071,261,046 1,009,414,942 1,009,414,942 
Net earnings/(loss) per ADS attributable to ordinary shareholders         
Basic 2.82 1.09 (0.62) (0.09) 
Diluted 2.66 1.03 (0.62) (0.09) 
Weighted average number of ordinary shares         
Basic 1,995,869,212 2,011,972,066 2,018,829,884 2,018,829,884 
Diluted 2,125,455,776 2,142,522,091 2,018,829,884 2,018,829,884 
Net earnings/(loss) per share attributable to ordinary shareholders         
Basic 1.41 0.54 (0.31) (0.04) 
Diluted 1.33 0.51 (0.31) (0.04) 
          



Li Auto Inc.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)

    As of   
  December 31,

2024		 September 30,

2025		 September 30,

2025		 
  RMB RMB US$ 
ASSETS       
Current assets:       
Cash and cash equivalents 65,901,123 51,107,522 7,179,031 
Restricted cash 6,849 215,864 30,322 
Time deposits and short-term investments 46,904,548 47,570,461 6,682,183 
Trade receivable 135,112 100,867 14,169 
Inventories 8,185,604 8,225,261 1,155,396 
Prepayments and other current assets 5,176,546 5,526,261 776,269 
Total current assets 126,309,782 112,746,236 15,837,370 
Non-current assets:       
Long-term investments 922,897 832,582 116,952 
Property, plant and equipment, net 21,140,933 24,187,347 3,397,576 
Operating lease right-of-use assets, net 8,323,963 9,268,455 1,301,932 
Intangible assets, net 914,951 937,775 131,728 
Goodwill 5,484 5,484 770 
Deferred tax assets 2,542,180 3,220,893 452,436 
Other non-current assets 2,188,888 1,916,923 269,269 
Total non-current assets 36,039,296 40,369,459 5,670,663 
Total assets 162,349,078 153,115,695 21,508,033 
LIABILITIES AND EQUITY       
Current liabilities:       
Short-term borrowings 281,102 6,319,492 887,694 
Trade and notes payable 53,596,194 37,765,707 5,304,917 
Amounts due to related parties 11,492 16,569 2,327 
Deferred revenue, current 1,396,489 1,580,997 222,081 
Operating lease liabilities, current 1,438,092 1,626,141 228,423 
Finance lease liabilities, current 95,205 - - 
Accruals and other current liabilities 12,397,322 15,229,914 2,139,332 
Total current liabilities 69,215,896 62,538,820 8,784,774 
Non-current liabilities:       
Long-term borrowings 8,151,598 3,141,894 441,339 
Deferred revenue, non-current 720,531 624,987 87,791 
Operating lease liabilities, non-current 5,735,738 6,456,159 906,891 
Finance lease liabilities, non-current 642,984 348,103 48,898 
Deferred tax liabilities 864,999 675,345 94,865 
Other non-current liabilities 5,696,950 6,132,776 861,466 
Total non-current liabilities 21,812,800 17,379,264 2,441,250 
Total liabilities 91,028,696 79,918,084 11,226,024 
Total Li Auto Inc. shareholders' equity 70,874,884 72,690,847 10,210,824 
Noncontrolling interests 445,498 506,764 71,185 
Total shareholders' equity 71,320,382 73,197,611 10,282,009 
Total liabilities and shareholders' equity 162,349,078 153,115,695 21,508,033 
        



Li Auto Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(All amounts in thousands)

  For the Three Months Ended 
  September 30,

2024		 June 30,

2025		 September 30,

2025		 September 30,

2025		 
  RMB RMB RMB US$ 
Net cash provided by/(used in) operating activities 11,024,642 (3,036,219) (7,395,580) (1,038,851) 
Net cash (used in)/provided by investing activities (14,212,597) (226,724) 8,373,137 1,176,168 
Net cash provided by/(used in) financing activities 238,305 (70,037) 597,470 83,926 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (245,692) (108,393) (48,607) (6,828) 
Net change in cash, cash equivalents and restricted cash (3,195,342) (3,441,373) 1,526,420 214,415 
Cash, cash equivalents and restricted cash at beginning of period 80,788,796 53,238,339 49,796,966 6,994,938 
Cash, cash equivalents and restricted cash at end of period 77,593,454 49,796,966 51,323,386 7,209,353 
          
Net cash provided by/(used in) operating activities 11,024,642 (3,036,219) (7,395,580) (1,038,851) 
Capital expenditures (1,972,878) (805,544) (1,516,607) (213,037) 
Free cash flow (non-GAAP) 9,051,764 (3,841,763) (8,912,187) (1,251,888) 
          



Li Auto Inc.

Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

  For the Three Months Ended 
  September 30,

2024		 June 30,

2025		 September 30,

2025		 September 30,

2025		 
  RMB RMB RMB US$ 
Cost of sales (33,649,545) (24,178,644) (22,895,661) (3,216,135) 
Share-based compensation expenses 8,213 8,135 10,260 1,441 
Non-GAAP cost of sales (33,641,332) (24,170,509) (22,885,401) (3,214,694) 
          
Research and development expenses (2,586,534) (2,810,170) (2,974,338) (417,803) 
Share-based compensation expenses 296,778 236,668 164,014 23,039 
Non-GAAP research and development expenses (2,289,756) (2,573,502) (2,810,324) (394,764) 
          
Selling, general and administrative expenses (3,359,640) (2,717,761) (2,769,019) (388,962) 
Share-based compensation expenses 725,500 126,413 90,425 12,702 
Non-GAAP selling, general and administrative expenses (2,634,140) (2,591,348) (2,678,594) (376,260) 
          
Income/(Loss) from operations 3,432,673 827,018 (1,177,201) (165,361) 
Share-based compensation expenses 1,030,491 371,216 264,699 37,182 
Non-GAAP income/(loss) from operations 4,463,164 1,198,234 (912,502) (128,179) 
          
Net income/(loss) 2,820,490 1,096,936 (624,396) (87,709) 
Share-based compensation expenses 1,030,491 371,216 264,699 37,182 
Non-GAAP net income/(loss)8 3,850,981 1,468,152 (359,697) (50,527) 
          
Net income/(loss) attributable to ordinary shareholders of Li Auto Inc. 2,814,262 1,092,571 (624,976) (87,790) 
Share-based compensation expenses 1,030,491 371,216 264,699 37,182 
Non-GAAP net income/(loss) attributable to ordinary shareholders of Li Auto Inc. 3,844,753 1,463,787 (360,277) (50,608) 
          
Weighted average number of ADSs         
Basic 997,934,606 1,005,986,033 1,009,414,942 1,009,414,942 
Diluted 1,062,727,888 1,071,261,046 1,009,414,942 1,009,414,942 
Non-GAAP net earnings/(loss) per ADS attributable to ordinary shareholders         
Basic 3.85 1.46 (0.36) (0.05) 
Diluted 3.63 1.37 (0.36) (0.05) 
Weighted average number of ordinary shares         
Basic 1,995,869,212 2,011,972,066 2,018,829,884 2,018,829,884 
Diluted 2,125,455,776 2,142,522,091 2,018,829,884 2,018,829,884 
Non-GAAP net earnings/(loss) per share attributable to ordinary shareholders         
Basic 1.93 0.73 (0.18) (0.03) 
Diluted 1.81 0.69 (0.18) (0.03) 
          

___________________

1 All translations from Renminbi ("RMB") to U.S. dollars ("US$") are made at a rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

2 Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.

3 The Company's non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred tax assets. See "Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results" set forth at the end of this press release.

4 Each ADS represents two Class A ordinary shares.

5 Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.

6 Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.

7 Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments.

8 Non-GAAP items have no tax impact for all the periods presented.