Quarterly total revenues reached RMB23.0 billion (US$3.3 billion)1

Quarterly deliveries were 95,142 vehicles

BEIJING, China, May 28, 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 March 31, 2026.

Operating Highlights for the First Quarter of 2026

 2026 Q12025 Q42025 Q32025 Q2
Deliveries95,142109,19493,211111,074
     
 2025 Q12024 Q42024 Q32024 Q2
Deliveries92,864158,696152,831108,581
     

Financial Highlights for the First Quarter of 2026

     
Key Financial Results

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

     
 For the Three Months Ended % Change6

 March 31,

2025		 December 31,

2025		 March 31,

2026		 YoY QoQ
 RMB RMB RMB    
Vehicle sales24,678.6 27,252.3 21,533.2 (12.7)% (21.0)%
Vehicle margin19.8% 16.8% 6.1% (13.7)pts (10.7)pts
          
Total revenues25,926.8 28,775.4 22,982.9 (11.4)% (20.1)%
Gross profit5,318.5 5,130.6 1,808.0 (66.0)% (64.8)%
Gross margin20.5% 17.8% 7.9% (12.6)pts (9.9)pts
          
Operating expenses(5,046.8) (5,573.2) (4,806.8) (4.8)% (13.8)%
Income/(Loss) from operations271.7 (442.6) (2,998.8) N/A 577.6%
Operating margin1.0% (1.5)% (13.0)% (14.0)pts (11.5)pts
          
Net income/(loss)646.6 20.2 (2,276.0) N/A N/A
Non-GAAP net income/(loss)1,014.3 274.4 (2,108.0) N/A N/A
          
Diluted net earnings/(loss) per ADS attributable to ordinary shareholders0.62 0.01 (2.26) 

N/A		 N/A
Non-GAAP diluted net earnings/(loss) per ADS attributable to ordinary shareholders0.96 0.25 (2.09) 

N/A		 

N/A
          
Net cash (used in)/provided by operating activities(1,701.0) 3,521.4 (6,091.0) 258.1% N/A
Free cash flow (non-GAAP)(2,530.6) 2,467.6 (7,388.3) 192.0% N/A
          

Recent Developments

Delivery Update

All-New Li L9  

US$1.0 Billion Share Repurchase Program

Put Right Offer for Convertible Senior Notes due 2028

ESG

CEO and CFO Comments

Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, "Our organizational and supply chain optimizations delivered concrete results in the first quarter, enabling us to reclaim the top spot among domestic automotive brands in China's RMB200,000 and above NEV market. Meanwhile, the all-new Li L9, launched in mid-May, demonstrates the strength of our flagship products with its all-around technological leadership and product excellence, reinforcing our confidence in establishing a benchmark position in the flagship SUV market. The successful integrated deployment of our in-house MAHE M100 chip and MindVLA large model into the vehicle represents an industry-leading technological breakthrough, laying the foundation for efficient technology iterations in the future. We look forward to launching the all-new Li L8 at the end of June to meet broader market demand. As we advance our AI initiatives and strengthen our core competencies, we remain committed to transforming everyday life for more users through cutting-edge products and premium services."

Mr. Tie Li, chief financial officer of Li Auto, added, "Our first-quarter gross margin reflected our user-centric measures related to Li i6 deliveries, as well as raw material price fluctuations and our model refresh cycle. As delivery rebounds drive economies of scale and our updated product portfolio gains traction, we expect a gradual improvement in profitability. While executing the US$1 billion share repurchase program with confidence in our long-term growth prospects, we continue to benefit from a solid cash position that provides ongoing flexibility for strategic investments. With substantial runway ahead, we remain confident in our ability to create lasting value for all stakeholders."

Financial Results for the First 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 second 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 Thursday, May 28, 2026 (8:00 p.m. Beijing/Hong Kong Time on May 28, 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/10054648-why786.html

A replay of the conference call will be accessible through June 4, 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:10054648
  

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 RMB6.8980 to US$1.00, the exchange rate on March 31, 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 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. 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
 March 31,

2025		 December 31,

2025		 March 31,

2026		 March 31,

2026
 RMB RMB RMB US$
Revenues:       
Vehicle sales24,678,585 27,252,291 21,533,182 3,121,656
Other sales and services1,248,229 1,523,131 1,449,729 210,167
Total revenues25,926,814 28,775,422 22,982,911 3,331,823
Cost of sales:       
Vehicle sales(19,801,927) (22,669,292) (20,225,885) (2,932,138)
Other sales and services(806,428) (975,501) (948,981) (137,573)
Total cost of sales(20,608,355) (23,644,793) (21,174,866) (3,069,711)
Gross profit5,318,459 5,130,629 1,808,045 262,112
Operating expenses:       
Research and development(2,513,854) (3,016,587) (2,722,159) (394,630)
Selling, general and administrative(2,531,009) (2,647,068) (2,049,203) (297,072)
Other operating (expense)/income, net(1,942) 90,438 (35,473) (5,143)
Total operating expenses(5,046,805) (5,573,217) (4,806,835) (696,845)
Income/(Loss) from operations271,654 (442,588) (2,998,790) (434,733)
Other (expense)/income:       
Interest expense(48,220) (37,419) (40,658) (5,894)
Interest income and investment income, net516,261 430,733 394,020 57,121
Others, net34,730 21,930 44,248 6,415
Income/(Loss) before income tax774,425 (27,344) (2,601,180) (377,091)
Income tax (expense)/benefit(127,780) 47,587 325,148 47,137
Net income/(loss)646,645 20,243 (2,276,032) (329,954)
Less: Net (loss)/income attributable to noncontrolling interests(3,679) 13,724 13,499 1,957
Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.650,324 6,519 (2,289,531) (331,911)
        
Net income/(loss)646,645 20,243 (2,276,032) (329,954)
Other comprehensive loss       
Foreign currency translation adjustment, net of nil tax(69,994) (337,950) (161,404) (23,399)
Total other comprehensive loss(69,994) (337,950) (161,404) (23,399)
Total comprehensive income/(loss)576,651 (317,707) (2,437,436) (353,353)
Less: Net (loss)/income attributable to noncontrolling interests(3,679) 13,724 13,499 1,957
Comprehensive income/(loss) attributable to ordinary shareholders of Li Auto Inc.580,330 (331,431) (2,450,935) (355,310)
Weighted average number of ADSs       
Basic1,004,099,494 1,010,547,649 1,013,814,503 1,013,814,503
Diluted1,069,104,610 1,041,928,950 1,013,814,503 1,013,814,503
Net earnings/(loss) per ADS attributable to ordinary shareholders       
Basic0.65 0.01 (2.26) (0.33)
Diluted0.62 0.01 (2.26) (0.33)
Weighted average number of ordinary shares       
Basic2,008,198,987 2,021,095,298 2,027,629,006 2,027,629,006
Diluted2,138,209,219 2,083,857,900 2,027,629,006 2,027,629,006
Net earnings/(loss) per share attributable to ordinary shareholders       
Basic0.32 0.00 (1.13) (0.16)
Diluted0.31 0.00 (1.13) (0.16)
        



Li Auto Inc.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)
      
   As of  
 December 31,

2025		 March 31,

2026		 March 31,

2026
 RMB RMB US$
ASSETS     
Current assets:     
Cash and cash equivalents56,691,765 42,815,524 6,206,948
Restricted cash216,314 55,043 7,980
Time deposits and short-term investments44,331,407 50,289,636 7,290,466
Trade receivable119,823 129,005 18,702
Inventories8,752,439 7,034,287 1,019,757
Prepayments and other current assets5,174,246 5,281,281 765,625
Total current assets115,285,994 105,604,776 15,309,478
Non-current assets:     
Long-term investments848,672 2,013,304 291,868
Property, plant and equipment, net22,774,938 21,840,220 3,166,167
Operating lease right-of-use assets, net9,099,313 8,556,156 1,240,382
Intangible assets, net1,191,974 1,172,077 169,915
Goodwill5,484 5,484 795
Deferred tax assets3,334,206 3,589,633 520,388
Other non-current assets1,755,237 1,783,871 258,607
Total non-current assets39,009,824 38,960,745 5,648,122
Total assets154,295,818 144,565,521 20,957,600
LIABILITIES AND EQUITY     
Current liabilities:     
Short-term borrowings6,217,745 6,162,841 893,424
Trade and notes payable40,579,219 35,975,795 5,215,395
Amounts due to related parties26,644 14,312 2,075
Deferred revenue, current1,621,429 1,395,838 202,354
Operating lease liabilities, current1,690,356 1,546,085 224,135
Accruals and other current liabilities13,412,260 11,094,658 1,608,390
Total current liabilities63,547,653 56,189,529 8,145,773
Non-current liabilities:     
Long-term borrowings3,299,203 3,787,859 549,124
Deferred revenue, non-current624,734 654,058 94,818
Operating lease liabilities, non-current6,258,957 5,892,209 854,191
Finance lease liabilities, non-current348,506 348,912 50,582
Deferred tax liabilities691,652 589,971 85,528
Other non-current liabilities6,385,370 6,496,091 941,735
Total non-current liabilities17,608,422 17,769,100 2,575,978
Total liabilities81,156,075 73,958,629 10,721,751
Total Li Auto Inc. shareholders' equity72,619,255 70,072,905 10,158,437
Noncontrolling interests520,488 533,987 77,412
Total shareholders' equity73,139,743 70,606,892 10,235,849
Total liabilities and shareholders' equity154,295,818 144,565,521 20,957,600
      



Li Auto Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(All amounts in thousands)

   
 For the Three Months Ended 
 March 31,

2025		 December 31,

2025		 March 31,

2026		 March 31,

2026		 
 RMB RMB RMB US$ 
Net cash (used in)/provided by operating activities(1,700,968) 3,521,370 (6,090,994) (883,009) 
Net cash (used in)/provided by investing activities(10,959,789) 2,110,251 (8,181,439) (1,186,060) 
Net cash provided by financing activities61,406 178,563 337,303 48,899 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(70,282) (225,491) (102,382) (14,841) 
Net change in cash, cash equivalents and restricted cash(12,669,633) 5,584,693 (14,037,512) (2,035,011) 
Cash, cash equivalents and restricted cash at beginning of period65,907,972 51,323,386 56,908,079 8,249,939 
Cash, cash equivalents and restricted cash at end of period53,238,339 56,908,079 42,870,567 6,214,928 
         
Net cash (used in)/provided by operating activities(1,700,968) 3,521,370 (6,090,994) (883,009) 
Capital expenditures(829,597) (1,053,769) (1,297,326) (188,073) 
Free cash flow (non-GAAP)(2,530,565) 2,467,601 (7,388,320) (1,071,082) 
         



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
 March 31,

2025		 December 31,

2025		 March 31,

2026		 March 31,

2026
 RMB RMB RMB US$
Cost of sales(20,608,355) (23,644,793) (21,174,866) (3,069,711)
Share-based compensation expenses7,196 10,405 8,730 1,266
Non-GAAP cost of sales(20,601,159) (23,634,388) (21,166,136) (3,068,445)
        
Research and development expenses(2,513,854) (3,016,587) (2,722,159) (394,630)
Share-based compensation expenses238,932 143,303 128,160 18,579
Non-GAAP research and development expenses(2,274,922) (2,873,284) (2,593,999) (376,051)
        
Selling, general and administrative expenses(2,531,009) (2,647,068) (2,049,203) (297,072)
Share-based compensation expenses121,511 100,492 31,156 4,517
Non-GAAP selling, general and administrative expenses(2,409,498) (2,546,576) (2,018,047) (292,555)
        
Income/(Loss) from operations271,654 (442,588) (2,998,790) (434,733)
Share-based compensation expenses367,639 254,200 168,046 24,362
Non-GAAP income/(loss) from operations639,293 (188,388) (2,830,744) (410,371)
        
Net income/(loss)646,645 20,243 (2,276,032) (329,954)
Share-based compensation expenses367,639 254,200 168,046 24,362
Non-GAAP net income/(loss)81,014,284 274,443 (2,107,986) (305,592)
        
Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.650,324 6,519 (2,289,531) (331,911)
Share-based compensation expenses367,639 254,200 168,046 24,362
Non-GAAP net income/(loss) attributable to ordinary shareholders of Li Auto Inc.1,017,963 260,719 (2,121,485) (307,549)
        
Weighted average number of ADSs       
Basic1,004,099,494 1,010,547,649 1,013,814,503 1,013,814,503
Diluted1,069,104,610 1,041,928,950 1,013,814,503 1,013,814,503
Non-GAAP net earnings/(loss) per ADS attributable to ordinary shareholders       
Basic1.01 0.26 (2.09) (0.30)
Diluted0.96 0.25 (2.09) (0.30)
Weighted average number of ordinary shares       
Basic2,008,198,987 2,021,095,298 2,027,629,006 2,027,629,006
Diluted2,138,209,219 2,083,857,900 2,027,629,006 2,027,629,006
Non-GAAP net earnings/(loss) per share attributable to ordinary shareholders       
Basic0.51 0.13 (1.05) (0.15)
Diluted0.48 0.13 (1.05) (0.15)
        

______________________________

1   All translations from Renminbi ("RMB") to U.S. dollars ("US$") are made at a rate of RMB6.8980 to US$1.00, the exchange rate on March 31, 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 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.