Track market-moving stories before they get noisy

Li Auto Inc. Sponsored ADR (LI - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this company have returned -0.1% over the past month versus the Zacks S&P 500 composite's +2.1% change. The Zacks Automotive - Foreign industry, to which Li Auto belongs, has lost 4.7% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Li Auto is expected to post a loss of $0.08 per share, indicating a change of +11.1% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The consensus earnings estimate of -$0.71 for the current fiscal year indicates a year-over-year change of -573.3%. This estimate has changed -29.1% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.16 indicates a change of +122.8% from what Li Auto is expected to report a year ago. Over the past month, the estimate has changed -49.4%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Li Auto.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Li Auto, the consensus sales estimate of $4.09 billion for the current quarter points to a year-over-year change of +6.4%. The $16.33 billion and $19.69 billion estimates for the current and next fiscal years indicate changes of +3.7% and +20.5%, respectively.

Last Reported Results and Surprise HistoryLi Auto reported revenues of $3.78 billion in the last reported quarter, representing a year-over-year change of -10.4%. EPS of -$0.25 for the same period compares with $0.14 a year ago.

Compared to the Zacks Consensus Estimate of $3.7 billion, the reported revenues represent a surprise of +2.33%. The EPS surprise was -2400%.

Over the last four quarters, Li Auto surpassed consensus EPS estimates times. The company topped consensus revenue estimates three times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Li Auto is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Li Auto. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

 | Source: Li Auto Inc.

BEIJING, China, Sept. 16, 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 officially launched Li i9, a pioneering flagship family SUV. The six-seat battery electric SUV is priced at RMB369,800 for its standard configuration. Deliveries of Li i9 will commence this week. For more details on Li i9, please visit Li Auto’s official website.

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: [email protected]

Christensen Advisory
Tel: +86-10-5900-1548
Email: [email protected]

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

Total deliveries for the second quarter of 2026 were 98,330 vehicles, representing an 11.5% year-over-year decrease.   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            As of June 30, 2026, in China, the Company had 495 retail stores in 160 cities, 536 servicing centers and Li Auto-authorized servicing shops operating in 220 cities, and 4,097 super charging stations in operation equipped with 22,593 charging stalls. Financial Highlights for the Second Quarter of 2026

Vehicle sales were RMB24.1 billion (US$3.5 billion) in the second quarter of 2026, representing a decrease of 16.7% from RMB28.9 billion in the second quarter of 2025 and an increase of 11.8% from RMB21.5 billion in the first quarter of 2026.Vehicle margin2 was 9.4% in the second quarter of 2026, compared with 19.4% in the second quarter of 2025 and 6.1% in the first quarter of 2026.Total revenues were RMB25.7 billion (US$3.8 billion) in the second quarter of 2026, representing a decrease of 15.1% from RMB30.2 billion in the second quarter of 2025 and an increase of 11.7% from RMB23.0 billion in the first quarter of 2026.Gross profit was RMB2.8 billion (US$418.0 million) in the second quarter of 2026, representing a decrease of 53.3% from RMB6.1 billion in the second quarter of 2025 and an increase of 56.9% from RMB1.8 billion in the first quarter of 2026.Gross margin was 11.0% in the second quarter of 2026, compared with 20.1% in the second quarter of 2025 and 7.9% in the first quarter of 2026.Operating expenses were RMB5.1 billion (US$757.1 million) in the second quarter of 2026, representing a decrease of 2.0% from RMB5.2 billion in the second quarter of 2025 and an increase of 6.9% from RMB4.8 billion in the first quarter of 2026.Loss from operations was RMB2.3 billion (US$339.1 million) in the second quarter of 2026, compared with RMB827.0 million income from operations in the second quarter of 2025 and RMB3.0 billion loss from operations in the first quarter of 2026.Operating margin was negative 9.0% in the second quarter of 2026, compared with 2.7% in the second quarter of 2025 and negative 13.0% in the first quarter of 2026. Net loss was RMB1.7 billion (US$251.3 million) in the second quarter of 2026, compared with RMB1.1 billion net income in the second quarter of 2025 and RMB2.3 billion net loss in the first quarter of 2026. Non-GAAP net loss3 was RMB1.5 billion (US$220.9 million) in the second quarter of 2026, compared with RMB1.5 billion non-GAAP net income in the second quarter of 2025 and RMB2.1 billion non-GAAP net loss in the first quarter of 2026.Diluted net loss per ADS4 attributable to ordinary shareholders was RMB1.69 (US$0.25) in the second quarter of 2026, compared with RMB1.03 diluted net earnings per ADS attributable to ordinary shareholders in the second quarter of 2025 and RMB2.26 diluted net loss per ADS attributable to ordinary shareholders in the first quarter of 2026. Non-GAAP diluted net loss per ADS attributable to ordinary shareholders was RMB1.49 (US$0.22) in the second quarter of 2026, compared with RMB1.37 non-GAAP diluted net earnings per ADS attributable to ordinary shareholders in the second quarter of 2025 and RMB2.09 non-GAAP diluted net loss per ADS attributable to ordinary shareholders in the first quarter of 2026.Net cash provided by operating activities was RMB15.0 million (US$2.2 million) in the second quarter of 2026, compared with RMB3.0 billion net cash used in operating activities in the second quarter of 2025 and RMB6.1 billion net cash used in operating activities in the first quarter of 2026. Free cash flow5 was negative RMB1.3 billion (US$191.7 million) in the second quarter of 2026, compared with negative RMB3.8 billion in the second quarter of 2025 and negative RMB7.4 billion in the first 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/AFree cash flow (non-GAAP)(3,841.8) (7,388.3) (1,300.8) (66.1)% (82.4)%           Recent Developments

Delivery Update

In July 2026, the Company delivered 30,468 vehicles. As of July 31, 2026, in China, the Company had 490 retail stores in 159 cities, 536 servicing centers and Li Auto-authorized servicing shops operating in 219 cities, and 4,141 super charging stations in operation equipped with 22,841 charging stalls.
Product Refresh

In June 2026, the Company launched and commenced deliveries of its all-new Li L8. This model is available in two trims: Ultra and Livis. Both trims come standard with four zero-gravity seats, a 72.7 kWh 5C battery, Li Auto’s third-generation range extender, and the Qualcomm Snapdragon 8797 chip, alongside steer‑by‑wire and rear‑wheel steering. Li L8 Ultra features Li Auto’s third‑generation dual‑chamber, dual‑valve Magic Carpet Air Suspension and a proprietary MACH M100 chip, while Li L8 Livis features a proprietary 800V active suspension system, electro-mechanical brake, and dual MACH M100 chips. The Li L8 Ultra and Li L8 Livis are priced at RMB369,800 and RMB429,800, respectively.In July 2026, the Company launched and commenced deliveries of the new Li L6. The model features a new-generation all-aluminum suspension and dual-valve CDC for its chassis, the MACH M100 chip and fully upgraded perception hardware for its assisted driving system, and an EREV-dedicated 51 kWh LFP super charging battery. The new Li L6 is priced at RMB249,800.
Livis Day

In June 2026, the Company hosted Livis Day, a launch event for software and embodied AI, systematically showcasing Li Auto’s new-generation cabin interaction experience alongside a series of proprietary breakthroughs. These included the language intelligence models MACH Mind-Pro and MACH Mind-Edge, the machine intelligence model MACH VLA, and the world’s first dynamic dataflow AI chip, the MACH M100.
US$1.0 Billion Share Repurchase Program

Pursuant to its US$1.0 billion share repurchase program announced on March 24, 2026, the Company repurchased a total of 41,232,100 Class A ordinary shares at an aggregate consideration of HK$2.1 billion on the HKEX and a total of 9,487,026 ADSs (representing 18,974,052 Class A ordinary shares) at an aggregate consideration of US$150.9 million on the Nasdaq in the second quarter of 2026. As of the date of this press release, the Company has repurchased a total of approximately 91.7 million Class A ordinary shares (including approximately 23.7 million ADSs) for an aggregate consideration of approximately US$631.5 million.
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

Total revenues were RMB25.7 billion (US$3.8 billion) in the second quarter of 2026, representing a decrease of 15.1% from RMB30.2 billion in the second quarter of 2025 and an increase of 11.7% from RMB23.0 billion in the first quarter of 2026.Vehicle sales were RMB24.1 billion (US$3.5 billion) in the second quarter of 2026, representing a decrease of 16.7% from RMB28.9 billion in the second quarter of 2025 and an increase of 11.8% from RMB21.5 billion in the first quarter of 2026. The decrease in revenue from vehicle sales over the second quarter of 2025 was primarily due to the decrease in vehicle deliveries and a lower average selling price due to a different product mix. The increase in revenue from vehicle sales over the first quarter of 2026 was primarily attributable to a higher average selling price due to a different product mix and the increase in vehicle deliveries.Other sales and services were RMB1.6 billion (US$235.9 million) in the second quarter of 2026, representing an increase of 17.6% from RMB1.4 billion in the second quarter of 2025 and an increase of 10.4% from RMB1.4 billion in the first quarter of 2026. The increase in revenue from other sales and services over the second quarter of 2025 and the first quarter of 2026 was mainly due to increased provision of services and sales of accessories, which is in line with higher accumulated vehicle sales.
Cost of Sales and Gross Margin

Cost of sales was RMB22.8 billion (US$3.4 billion) in the second quarter of 2026, representing a decrease of 5.6% from RMB24.2 billion in the second quarter of 2025 and an increase of 7.8% from RMB21.2 billion in the first quarter of 2026. The decrease in cost of sales over the second quarter of 2025 was primarily due to the decrease in vehicle deliveries. The increase in cost of sales over the first quarter of 2026 was primarily attributable to a higher average cost of sales due to a different product mix and the increase in vehicle deliveries.Gross profit was RMB2.8 billion (US$418.0 million) in the second quarter of 2026, representing a decrease of 53.3% from RMB6.1 billion in the second quarter of 2025 and an increase of 56.9% from RMB1.8 billion in the first quarter of 2026.Vehicle margin was 9.4% in the second quarter of 2026, compared with 19.4% in the second quarter of 2025 and 6.1% in the first quarter of 2026. The change in vehicle margin over the second quarter of 2025 and the first quarter of 2026 was mainly attributable to a different product mix.Gross margin was 11.0% in the second quarter of 2026, compared with 20.1% in the second quarter of 2025 and 7.9% in the first quarter of 2026. The change in gross margin over the second quarter of 2025 and the first quarter of 2026 was mainly due to the change in vehicle margin.
Operating Expenses

Operating expenses were RMB5.1 billion (US$757.1 million) in the second quarter of 2026, representing a decrease of 2.0% from RMB5.2 billion in the second quarter of 2025 and an increase of 6.9% from RMB4.8 billion in the first quarter of 2026.Research and development expenses were RMB2.8 billion (US$409.1 million) in the second quarter of 2026, representing a decrease of 1.2% from RMB2.8 billion in the second quarter of 2025 and an increase of 2.0% from RMB2.7 billion in the first quarter of 2026. Research and development expenses remained relatively stable compared with the second quarter of 2025 and the first quarter of 2026.Selling, general and administrative expenses were RMB2.3 billion (US$335.7 million) in the second quarter of 2026, representing a decrease of 16.2% from RMB2.7 billion in the second quarter of 2025 and an increase of 11.2% from RMB2.0 billion in the first quarter of 2026. The decrease in selling, general and administrative expenses over the second quarter of 2025 was primarily due to decreased employee compensation. The increase in selling, general and administrative expenses over the first quarter of 2026 was primarily due to increased expenses related to marketing and promotional activities. Income/(Loss) from Operations

Loss from operations was RMB2.3 billion (US$339.1 million) in the second quarter of 2026, compared with RMB827.0 million income from operations in the second quarter of 2025 and RMB3.0 billion loss from operations in the first quarter of 2026. Operating margin was negative 9.0% in the second quarter of 2026, compared with 2.7% in the second quarter of 2025 and negative 13.0% in the first quarter of 2026. Non-GAAP loss from operations was RMB2.1 billion (US$308.6 million) in the second quarter of 2026, compared with RMB1.2 billion non-GAAP income from operations in the second quarter of 2025 and RMB2.8 billion non-GAAP loss from operations in the first quarter of 2026.
Net Income/(Loss) and Net Earnings/(Loss) Per Share

Net loss was RMB1.7 billion (US$251.3 million) in the second quarter of 2026, compared with RMB1.1 billion net income in the second quarter of 2025 and RMB2.3 billion net loss in the first quarter of 2026. Non-GAAP net loss was RMB1.5 billion (US$220.9 million) in the second quarter of 2026, compared with RMB1.5 billion non-GAAP net income in the second quarter of 2025 and RMB2.1 billion non-GAAP net loss in the first quarter of 2026.Basic and diluted net loss per ADS attributable to ordinary shareholders were both RMB1.69 (US$0.25) in the second quarter of 2026, compared with RMB1.09 and RMB1.03 basic and diluted net earnings per ADS attributable to ordinary shareholders in the second quarter of 2025, respectively, and RMB2.26 basic and diluted net loss per ADS attributable to ordinary shareholders in the first quarter of 2026. Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders were both RMB1.49 (US$0.22) in the second quarter of 2026, compared with RMB1.46 and RMB1.37 non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders in the second quarter of 2025, respectively, and RMB2.09 non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders in the first quarter of 2026.
Cash Position, Operating Cash Flow and Free Cash Flow

Cash position7 was RMB87.5 billion (US$12.9 billion) as of June 30, 2026.Net cash provided by operating activities was RMB15.0 million (US$2.2 million) in the second quarter of 2026, compared with RMB3.0 billion net cash used in operating activities in the second quarter of 2025 and RMB6.1 billion net cash used in operating activities in the first quarter of 2026. The change in net cash provided by operating activities over the second quarter of 2025 and the first quarter of 2026 was mainly due to the timing differences between cash received from customers and payments for inventory purchases.Free cash flow was negative RMB1.3 billion (US$191.7 million) in the second quarter of 2026, compared with negative RMB3.8 billion in the second quarter of 2025 and negative RMB7.4 billion in the first quarter of 2026. Business Outlook

For the third quarter of 2026, the Company expects:

Deliveries of vehicles to be between 95,000 and 100,000 vehicles, representing a year-over-year increase of 1.9% to 7.3%.Total revenues to be between RMB26.6 billion (US$3.9 billion) and RMB28.0 billion (US$4.1 billion), representing a year-over-year change of -2.8% to +2.3%. 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:+1-855-883-1031Chinese Mainland:+86-400-1209-216Hong Kong, China:+852-800-930-639International:+61-7-3107-6325Replay 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: [email protected]

Christensen Advisory
Tel: +86-10-5900-1548
Email: [email protected]

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 3,546,961Other sales and services1,360,480 1,449,729 1,600,402 235,870Total revenues30,245,613  22,982,911  25,666,890 3,782,831Cost 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 2,836,055 417,983Operating 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 67,064Others, net15,288 44,248 13,199 1,946Income/(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 35,904Net 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 1,007,098,886Diluted1,071,261,046 1,013,814,503 1,007,098,886 1,007,098,886Net 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 2,014,197,771Diluted2,142,522,091 2,027,629,006 2,014,197,771 2,014,197,771Net 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 5,912,629Restricted cash216,314 14,782 2,179Time deposits and short-term investments44,331,407 45,474,274 6,702,079Trade receivable119,823 206,592 30,448Inventories8,752,439 8,333,701 1,228,236Prepayments and other current assets5,174,246 4,322,856 637,110Total current assets115,285,994 98,469,987 14,512,681Non-current assets:     Long-term investments848,672 2,976,994 438,755Property, plant and equipment, net22,774,938 22,893,313 3,374,057Operating lease right-of-use assets, net9,099,313 7,890,346 1,162,893Intangible assets, net1,191,974 1,165,561 171,782Goodwill5,484 5,484 808Deferred tax assets3,334,206 3,755,111 553,435Other non-current assets1,755,237 3,522,804 519,197Total non-current assets39,009,824  42,209,613 6,220,927Total assets154,295,818  140,679,600 20,733,608LIABILITIES AND EQUITY     Current liabilities:     Short-term borrowings6,217,745 286,205 42,181Trade and notes payable40,579,219 38,756,080 5,711,939Amounts due to related parties26,644 452,813 66,736Deferred revenue, current1,621,429 1,208,610 178,127Operating lease liabilities, current1,690,356 1,572,211 231,715Accruals and other current liabilities13,412,260 12,201,637 1,798,301Total current liabilities63,547,653  54,477,556 8,028,999Non-current liabilities:     Long-term borrowings3,299,203 6,863,999 1,011,628Deferred revenue, non-current624,734 666,287 98,199Operating lease liabilities, non-current6,258,957 5,620,164 828,310Finance lease liabilities, non-current348,506 349,322 51,484Deferred tax liabilities691,652 548,423 80,828Other non-current liabilities6,385,370 6,192,234 912,622Total non-current liabilities17,608,422 20,240,429 2,983,071Total liabilities81,156,075  74,717,985 11,012,070Total Li Auto Inc. shareholders’ equity72,619,255  65,428,704 9,642,997Noncontrolling interests520,488 532,911 78,541Total shareholders’ equity73,139,743  65,961,615 9,721,538Total 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 2,214Net cash (used in)/provided by investing activities(226,724) (8,181,439) 2,919,510 430,283Net 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 6,318,340Cash, 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 2,214Capital 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 1,185Non-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 18,708Non-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 10,576Non-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 30,469Non-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 30,469Non-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 30,469Non-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 1,007,098,886Diluted1,071,261,046 1,013,814,503 1,007,098,886 1,007,098,886Non-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 2,014,197,771Diluted2,142,522,091 2,027,629,006 2,014,197,771 2,014,197,771Non-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.