Quarterly total revenues reached RMB25.7 billion (US$3.8 billion)1

Quarterly deliveries were 98,330 vehicles

BEIJING, China, Aug. 26, 2026 (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 June 30, 2026.

Operating Highlights for the Second Quarter of 2026

  2026 Q2 2026 Q1 2025 Q4 2025 Q3 
Deliveries 98,330 95,142 109,194 93,211 
          
  2025 Q2 2025 Q1 2024 Q4 2024 Q3 
Deliveries 111,074 92,864 158,696 152,831 
          

Financial Highlights for the Second Quarter of 2026

Key Financial Results

(in millions, except for percentages and per ADS data)
    
 For the Three Months Ended % Change6
 June 30,

2025		 March 31,

2026		 June 30,

2026		 YoY QoQ
 RMB RMB RMB    
Vehicle sales28,885.1 21,533.2 24,066.5 (16.7)% 11.8%
Vehicle margin19.4% 6.1% 9.4% (10.0)pts 3.3pts
          
Total revenues30,245.6 22,982.9 25,666.9 (15.1)% 11.7%
Gross profit6,067.0 1,808.0 2,836.1 (53.3)% 56.9%
Gross margin20.1% 7.9% 11.0% (9.1)pts 3.1pts
          
Operating expenses(5,240.0) (4,806.8) (5,136.9) (2.0)% 6.9%
Income/(Loss) from operations827.0 (2,998.8) (2,300.9) N/A (23.3)%
Operating margin2.7% (13.0)% (9.0)% (11.7)pts 4.0pts
          
Net income/(loss)1,096.9 (2,276.0) (1,705.3) N/A (25.1)%
Non-GAAP net income/(loss)1,468.2 (2,108.0)  (1,498.5) N/A (28.9)%
          
Diluted net earnings/(loss) per ADS attributable to ordinary shareholders1.03 (2.26) (1.69) N/A (25.2)%
          
Non-GAAP diluted net earnings/(loss) per ADS attributable to ordinary shareholders1.37 (2.09) (1.49) N/A (28.7)%
          
Net cash (used in)/provided by operating activities(3,036.2) (6,091.0) 15.0 N/A N/A
Free cash flow (non-GAAP)(3,841.8) (7,388.3) (1,300.8) (66.1)% (82.4)%
          

Recent Developments

Delivery Update

Product Refresh

Livis Day

US$1.0 Billion Share Repurchase Program

CEO and CFO Comments

Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, "Amid intense market competition and a major model refresh cycle, Li Auto remained the best-selling domestic automotive brand in China’s RMB200,000-and-above NEV market in the first half of 2026. We have completed the upgrade of Li L series and are now refreshing our BEV lineup. Notably, the new Li L6 generated robust order flow, and we are confident that it will carry on the success of the Li i6 and reinforce our leading position in the RMB200,000-to-300,000 SUV market. Our enhanced product portfolio positions us well for growth. Backed by our unwavering user-centric product philosophy and leading in-house technologies, we will continue to pursue product excellence, expand our global footprint, and forge a sustainable path toward long-term value creation."

Mr. Tie Li, chief financial officer of Li Auto, added, "In the second quarter of 2026, our gross margin improved sequentially to 11.0%, benefiting from the launch of the all-new Li L9. We anticipate further margin expansion for the second half of the year as our product mix optimizes, with a higher sales contribution from the Livis trim and the launch of refreshed BEV models and Li i9. Coupled with a sustained focus on operational efficiency, we expect our bottom-line to improve gradually. Balancing growth and profitability through disciplined capital allocation, we will steadfastly execute our core strategies in product innovation, technological advancement, and global expansion to secure our future competitiveness."

Financial Results for the Second Quarter of 2026

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 third quarter of 2026, 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 8:00 a.m. U.S. Eastern Time on Wednesday, August 26, 2026 (8:00 p.m. Beijing/Hong Kong Time on August 26, 2026) 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/10056444-vrf1u8.html

A replay of the conference call will be accessible through September 2, 2026, by dialing the following numbers:

United States:+1-855-883-1031
Chinese Mainland:+86-400-1209-216
Hong Kong, China:+852-800-930-639
International:+61-7-3107-6325
Replay PIN:10056444
  

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, 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 RMB6.7851 to US$1.00, the exchange rate on June 30, 2026, 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 to 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: Be Proactive, Change the World. 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. It offers high-tech flagship family MPVs, Li L series extended-range electric SUVs, and 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

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
 June 30,

2025		 March 31,

2026		 June 30,

2026		 June 30,

2026
 RMB RMB RMB US$
Revenues:       
Vehicle sales28,885,133 21,533,182 24,066,488 3,546,961
Other sales and services1,360,480 1,449,729 1,600,402 235,870
Total revenues30,245,613  22,982,911  25,666,890 3,782,831
Cost of sales:       
Vehicle sales(23,273,292) (20,225,885) (21,795,419) (3,212,247)
Other sales and services(905,352) (948,981) (1,035,416) (152,601)
Total cost of sales(24,178,644)  (21,174,866)  (22,830,835)  (3,364,848)
Gross profit6,066,969  1,808,045 2,836,055 417,983
Operating expenses:       
Research and development expenses(2,810,170) (2,722,159) (2,775,633) (409,078)
Selling, general and administrative expenses(2,717,761) (2,049,203) (2,278,044) (335,742)
Other operating income/(expense), net287,980 (35,473) (83,228) (12,266)
Total operating expenses(5,239,951)  (4,806,835)  (5,136,905)  (757,086)
Income/(Loss) from operations827,018  (2,998,790) (2,300,850) (339,103)
Other (expense)/income:       
Interest expense(49,776) (40,658) (116,248) (17,133)
Interest income and investment income, net496,454 394,020 455,033 67,064
Others, net15,288 44,248 13,199 1,946
Income/(Loss) before income tax 1,288,984  (2,601,180) (1,948,866) (287,226)
Income tax (expense)/benefit(192,048) 325,148 243,609 35,904
Net income/(loss)1,096,936  (2,276,032) (1,705,257) (251,322)
Less: Net income/(loss) attributable to noncontrolling interests4,365 13,499 (1,076) (159)
Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.1,092,571  (2,289,531) (1,704,181) (251,163)
        
Net income/(loss)1,096,936  (2,276,032) (1,705,257) (251,322)
Other comprehensive loss, net of tax       
Foreign currency translation adjustment, net of nil tax(173,612) (161,404) (273,671) (40,334)
Total other comprehensive loss, net of tax(173,612)  (161,404)  (273,671)  (40,334)
Total comprehensive income/(loss)923,324  (2,437,436) (1,978,928) (291,656)
Less: Comprehensive income/(loss) attributable to noncontrolling interests4,365 13,499 (1,076) (159)
Comprehensive income/(loss) attributable to ordinary shareholders of Li Auto Inc.918,959  (2,450,935) (1,977,852) (291,497)
Weighted average number of ADSs       
Basic1,005,986,033 1,013,814,503 1,007,098,886 1,007,098,886
Diluted1,071,261,046 1,013,814,503 1,007,098,886 1,007,098,886
Net earnings/(loss) per ADS attributable to ordinary shareholders       
Basic1.09 (2.26) (1.69) (0.25)
Diluted1.03 (2.26) (1.69) (0.25)
Weighted average number of ordinary shares       
Basic2,011,972,066 2,027,629,006 2,014,197,771 2,014,197,771
Diluted2,142,522,091 2,027,629,006 2,014,197,771 2,014,197,771
Net earnings/(loss) per share attributable to ordinary shareholders       
Basic0.54 (1.13) (0.85) (0.12)
Diluted0.51 (1.13) (0.85) (0.12)



Li Auto Inc.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)
      
   As of  
 December 31,

2025		 June 30,

2026		 June 30,

2026
 RMB RMB US$
ASSETS     
Current assets:     
Cash and cash equivalents56,691,765 40,117,782 5,912,629
Restricted cash216,314 14,782 2,179
Time deposits and short-term investments44,331,407 45,474,274 6,702,079
Trade receivable119,823 206,592 30,448
Inventories8,752,439 8,333,701 1,228,236
Prepayments and other current assets5,174,246 4,322,856 637,110
Total current assets115,285,994 98,469,987 14,512,681
Non-current assets:     
Long-term investments848,672 2,976,994 438,755
Property, plant and equipment, net22,774,938 22,893,313 3,374,057
Operating lease right-of-use assets, net9,099,313 7,890,346 1,162,893
Intangible assets, net1,191,974 1,165,561 171,782
Goodwill5,484 5,484 808
Deferred tax assets3,334,206 3,755,111 553,435
Other non-current assets1,755,237 3,522,804 519,197
Total non-current assets39,009,824  42,209,613 6,220,927
Total assets154,295,818  140,679,600 20,733,608
LIABILITIES AND EQUITY     
Current liabilities:     
Short-term borrowings6,217,745 286,205 42,181
Trade and notes payable40,579,219 38,756,080 5,711,939
Amounts due to related parties26,644 452,813 66,736
Deferred revenue, current1,621,429 1,208,610 178,127
Operating lease liabilities, current1,690,356 1,572,211 231,715
Accruals and other current liabilities13,412,260 12,201,637 1,798,301
Total current liabilities63,547,653  54,477,556 8,028,999
Non-current liabilities:     
Long-term borrowings3,299,203 6,863,999 1,011,628
Deferred revenue, non-current624,734 666,287 98,199
Operating lease liabilities, non-current6,258,957 5,620,164 828,310
Finance lease liabilities, non-current348,506 349,322 51,484
Deferred tax liabilities691,652 548,423 80,828
Other non-current liabilities6,385,370 6,192,234 912,622
Total non-current liabilities17,608,422 20,240,429 2,983,071
Total liabilities81,156,075  74,717,985 11,012,070
Total Li Auto Inc. shareholders’ equity72,619,255  65,428,704 9,642,997
Noncontrolling interests520,488 532,911 78,541
Total shareholders’ equity73,139,743  65,961,615 9,721,538
Total liabilities and shareholders’ equity154,295,818  140,679,600 20,733,608



Li Auto Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(All amounts in thousands)
  
 For the Three Months Ended
 June 30,

2025		 March 31,

2026		 June 30,

2026		 June 30,

2026
 RMB RMB RMB US$
Net cash (used in)/provided by operating activities(3,036,219) (6,090,994) 15,025 2,214
Net cash (used in)/provided by investing activities(226,724) (8,181,439) 2,919,510 430,283
Net cash (used in)/provided by financing activities(70,037) 337,303 (5,487,924) (808,820)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(108,393) (102,382) (184,614) (27,209)
Net change in cash, cash equivalents and restricted cash(3,441,373)  (14,037,512)  (2,738,003)  (403,532)
Cash, cash equivalents and restricted cash at beginning of period53,238,339 56,908,079 42,870,567 6,318,340
Cash, cash equivalents and restricted cash at end of period49,796,966 42,870,567  40,132,564 5,914,808
        
Net cash (used in)/provided by operating activities(3,036,219) (6,090,994) 15,025 2,214
Capital expenditures(805,544) (1,297,326) (1,315,790) (193,923)
Free cash flow (non-GAAP)(3,841,763) (7,388,320) (1,300,765) (191,709)



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
 June 30,

2025		 March 31,

2026		 June 30,

2026		 June 30,

2026
 RMB RMB RMB US$
Cost of sales(24,178,644) (21,174,866) (22,830,835) (3,364,848)
Share-based compensation expenses8,135 8,730 8,039 1,185
Non-GAAP cost of sales(24,170,509)  (21,166,136)  (22,822,796)  (3,363,663)
        
Research and development expenses(2,810,170) (2,722,159) (2,775,633) (409,078)
Share-based compensation expenses236,668 128,160 126,933 18,708
Non-GAAP research and development expenses(2,573,502)  (2,593,999)  (2,648,700)  (390,370)
        
Selling, general and administrative expenses(2,717,761) (2,049,203) (2,278,044) (335,742)
Share-based compensation expenses126,413 31,156 71,759 10,576
Non-GAAP selling, general and administrative expenses(2,591,348)  (2,018,047)  (2,206,285)  (325,166)
        
Income/(Loss) from operations827,018 (2,998,790) (2,300,850) (339,103)
Share-based compensation expenses371,216 168,046 206,731 30,469
Non-GAAP income/(loss) from operations1,198,234 (2,830,744) (2,094,119) (308,634)
        
Net income/(loss)1,096,936 (2,276,032) (1,705,257) (251,322)
Share-based compensation expenses371,216 168,046 206,731 30,469
Non-GAAP net income/(loss)81,468,152 (2,107,986) (1,498,526) (220,853)
        
Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.1,092,571 (2,289,531) (1,704,181) (251,163)
Share-based compensation expenses371,216 168,046 206,731 30,469
Non-GAAP net income/(loss) attributable to ordinary shareholders of Li Auto Inc.1,463,787 (2,121,485) (1,497,450) (220,694)
        
Weighted average number of ADSs       
Basic1,005,986,033 1,013,814,503 1,007,098,886 1,007,098,886
Diluted1,071,261,046 1,013,814,503 1,007,098,886 1,007,098,886
Non-GAAP net earnings/(loss) per ADS attributable to ordinary shareholders       
Basic1.46 (2.09) (1.49) (0.22)
Diluted1.37 (2.09) (1.49) (0.22)
Weighted average number of ordinary shares       
Basic2,011,972,066 2,027,629,006 2,014,197,771 2,014,197,771
Diluted2,142,522,091 2,027,629,006 2,014,197,771 2,014,197,771
Non-GAAP net earnings/(loss) per share attributable to ordinary shareholders       
Basic0.73 (1.05) (0.74) (0.11)
Diluted0.69 (1.05) (0.74) (0.11)
        

______________________________

1   All translations from Renminbi ("RMB") to U.S. dollars ("US$") are made at a rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026 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. 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.